The government has fully repaid a $150 million loan taken by the previous administration through the State Bank of India (SBI), officials confirmed today.

The announcement was made by PNC Chairperson and Speaker of the People’s Majlis, Abdul Raheem Abdulla, during the party’s ongoing congress. He confirmed that the outstanding balance had been cleared, marking the complete settlement of the loan.

The debt originated in 2019, when the previous government borrowed the funds in three separate tranches of $50 million each, issued as treasury bills to help finance the state budget. Speaking at a press conference earlier this year in May, President Dr. Mohamed Muizzu had said that $100 million of the loan had already been repaid, and expressed confidence that the remaining $50 million would be settled on time. That final payment was due today.

Finance Minister Hassan Zareer previously stated that the government has so far spent a total of $1.3 billion on servicing national debt.