The Maldives has repaid USD 697 million of its debt to various donors.
This was confirmed by President Ibrahim Mohamed Solih in his annual Presidential Address to start the parliamentary session for the year.
President Solih said that the USD 250 million swap facility from the Reserve Bank of India in July 2019 to help manage the State reserve, was repaid on the 29th of December last year.
He also said that the current administration has paid off USD 447 million in debt incurred by the previous administration.
Solih said that at the end of 2021, the State reserve stood at USD 791.2 million.
President said that the Government will begin taking measures this year to resolve the foreign currency crisis and contain the value of the Maldivian Rufiyaa.
He said that the legal framework relating to the foreign currency market will also be amended.
President Solih noted that running the affairs of the State and managing its economy means that the government would be engaged in the process of financial lending and borrowing.
He said that the Government has confidence that it will continue to have a healthy economic policy in managing financial debts.
President added that the Government is determined to maintain its economic goals.
