The Maldives Monetary Authority (MMA) has repaid the USD 400 million loan obtained from the Reserve Bank of India in 2024.
This loan was arranged under a currency swap agreement established during President Dr Mohamed Muizzu’s official visit to India in 2024. The government has confirmed that the loan has now been fully settled upon reaching its due date.
While the USD 400 million loan has been repaid, India has since extended an additional loan of USD 319 million to the Maldives. The Maldivian government expressed gratitude to India for this support and acknowledged India’s continued role in the country’s development.
The government stated that the newly provided USD 319 million loan would help address current financial challenges and support ongoing economic development efforts.
In addition to repaying the USD 400 million loan, the government has also settled USD 50 million from a USD 150 million facility arranged through the State Bank of India in 2019.