Treasury bills worth USD 250 Million have been sold to State Bank of India by the Maldivian government to overcome the economic impact and state budget constraints caused by the pandemic.
This was after President Ibrahim Mohamed Solih made a request for the Indian Prime Minister Narendra Modi.
The sale was initiated after the Indian government provided a sovereign guarantee. MMA requested permission from the Parliament as well before the sale as going forward with the sale would increase the government’s debt beyond the amount stipulated in the fiscal responsibility laws.
