India calls in debts of US$100 million; “not a major concern” says Finance Minister
25 Nov 2012, 12:22 PM
Neil Merrett
Despite India requesting repayment of US$100 million in treasury bonds by February 2013, Finance Minister Abdulla Jihad has said his earlier fears that the Maldives would be unable to cover expenditure for the final months of 2012 were “no longer a concern”.
Jihad told Minivan News that India was also yet to provide a final US$25 million installment of a promised loan, one Jihad said just last month was vital to ensure the Maldives could cover its wage bill.
The Maldives is now required to pay US$50 million in T-bond payments to India by next month, with a second payment due in February, local media has reported.
The Finance Ministry said the debt would be repaid through state reserves, which Sun Online reported could fall to US$140 million (MVR2.2 billion) once the payments to India are settled.
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