Archive · 19 Sep 2026
Maldives Repays $150 Million SBI Treasury Bill Facility
The Maldives borrowed money by selling Treasury bills to State Bank of India.
The total amount was $150 million.
The Maldives repaid the borrowed amount in three payments of $50 million.
India paid about $45 million in interest during the five years.
The final payment was reported as being made on September 17, but the reports disagree about whether this was in 2024 or 2026.
India is still offering other financial help to the Maldives.
Maldivian officials said the country has plans to keep buying fuel, food, and medicine.
They also said the repayment will not stop important supplies from reaching people.
The Maldives completed repayment of the final $50 million tranche of a $150 million Treasury bill facility subscribed by State Bank of India.
The facility was issued in 2019 and rolled over six times, including twice in 2025, according to one report.
India paid nearly $45 million in interest over five years, while the Maldives repaid the principal.
India continues financial cooperation through a ₹30 billion currency-swap facility and State Bank of India’s $350 million subscription to Treasury bonds.
Maldivian officials said essential imports would not be disrupted, although reports differ on the repayment date and the country’s August 2026 reserve figure.
- Who
- The Government of Maldives, the Government of India, State Bank of India, the Maldives Ministry of Finance and Public Enterprises, and India’s Ministry of External Affairs were involved.
- What
- The Maldives fully repaid a $150 million State Bank of India Treasury bill facility, while India covered nearly $45 million in interest.
- When
- The facility was issued in 2019 and extended six times; the final $50 million payment was reported on September 17, with sources conflicting over whether the year was 2024 or 2026.
- Where
- The financial arrangement involved India and the Maldives.
- Why
- The facility and related Indian support were intended to ease financial pressure and support the Maldivian financial system.
Indian Partnership Framing
Maldivian Fiscal Assurance
Meaning of the arrangement
Indian Partnership Framing
India’s Ministry of External Affairs presented the interest coverage, Treasury bill rollovers, currency-swap facility, and other support as part of its Neighbourhood First and development partnership policies.
Maldivian Fiscal Assurance
The Maldives’ Finance Ministry emphasized that the current administration honored the obligations inherited from the previous administration and repaid the principal on its due dates.
Effect on essential imports
Indian Partnership Framing
India highlighted continuing financial cooperation and development support, including supplies of essential commodities to the Maldives.
Maldivian Fiscal Assurance
Maldivian authorities rejected concerns that debt servicing would restrict imports, saying arrangements were in place to maintain foreign currency for fuel, food, and medical supplies.
Financial pressure
Indian Partnership Framing
The repayment was described alongside India’s continuing support as the Maldives manages financial pressure and debt obligations.
Maldivian Fiscal Assurance
The Maldivian government said it had prepared for repayments through its Sovereign Development Fund and discussions with international financial institutions and bilateral partners.
- Total facility
- USD 150 million
- Final tranche
- USD 50 million
- Repayment structure
- The first $50 million was repaid in January 2024, the second on May 11, 2026, and the final tranche was reported as due and paid on September 17, 2026; another report dates the final settlement to September 17, 2024.
- Interest paid by India
- Nearly USD 45 million over five years
- Facility history
- State Bank of India subscribed to the Treasury bills in 2019, and they were extended six times for one year at a time.
- Continuing Indian support
- India has provided a ₹30 billion currency-swap facility, while State Bank of India has subscribed to USD 350 million in Treasury bonds valid through 2029 and 2030.
- Foreign reserves
- Reports cited Maldives Monetary Authority figures of approximately USD 664 million or USD 628 million at the end of August 2026.
