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Maldives breaks the tradition of ‘Take and Forget.’ President Muizzu clears the tab, leaving other neighbors wondering if ‘repayment’ is even a real word!

By prasanna jodidar
Maldives breaks the tradition of ‘Take and Forget.’ President Muizzu clears the tab, leaving other neighbors wondering if ‘repayment’ is even a real word!

Surprise, Surprise! Maldives actually pays its bills. Looks like they’ve officially resigned from the 'Permanent Debtors Club' while Pakistan is still looking for the membership form!

Maldives: If we have to form an international beggar’s club, the three main countries that will have permanent membership are Pakistan, Bangladesh and Maldives. The news is contrary to popular belief and Maldives has actually repaid second instalment of $50 million Indian treasury bill!!!!!! Amazon Brand - Myx Women's Pure Cotton A-Line 3 piece Schiffli Suit Set (Available in Plus Sizes)

The Maldives has successfully settled payment to India on a USD 50-million treasury bill, President Mohamed Muizzu said on Monday, according to a local media report. That proves they are better than Pakistan, at least they have a practice of giving it back, unlike Pakistan and Bangladesh!!!!!

India had earlier, extended financial support to Maldives through treasury bills, also called T-Bills, subscribed by the State Bank of India. Muizzu also added that the previous administration had issued USD 50 million treasury bills to the SBI in 2019 to bridge budget deficits, and the bills were rolled over annually at the request of the previous Maldivian government instead of being repaid on maturity.

According to Muizzu, his administration repaid USD 50 million T-bill in January 2024 and settled another on Monday, adding that the next T-bill is due in September. "With that, we have saved the people from the USD 150 million debt trap the previous administration had set," Muizzu was quoted as saying by the Sun.mv news portal. Assam: Veteran Ajanta Neog and Grassroots Leaders Join Cabinet to Drive Infrastructure and Regional Stability

India had periodically rolled over Maldivian treasury bills since 2019 as part of emergency financial assistance to the island. Treasury Bills are short-term government debt instruments through which governments raise funds from investors for instant financing needs.

In the Maldives case, India's sustenance involved SBI subscribing to the Maldivian government's treasury bills, with the repayments often extended through interest-free rollovers that helped ease short-term foreign exchange and fiscal pressures. Terror in Lakki Marwat: Market Blast Claims Seven Lives Amid Rising Instability in Pakistan’s Borderlands

Let's hope Pakistan and Bangladesh too will return the cash borrowed from us.