The government of the Maldives is to sell MVR 1.2 billion (US$ 78.2 million) as Treasury bills to take a loan to finance recurrent expenses.
The T-bills are to go on sale on next Sunday.
As such, the government is to sell T-bills worth MVR 419 million (US$ 27.3 million) with an interest rate of 3.5 percent, to be paid back in 28 days. An additional MVR 270 million (US$ 17.6 million) will be sold off at an interest rate of 3.8 percent, to be paid back within 98 days.
Another MVR 103.5 million (US$ 6.7 million) goes on sale for 4.23 percent interest and a 182-day payback period. The government also seeks MVR 422.4 million (US$ 27.5 million) – this is to be paid back in 364 days with an interest of 4.6 percent.
Finance Ministry reports that the funds for the T-bills need to be paid on Sunday itself.
Based on statistics issued by the Ministry, the Government is still yet to pay on T-bills worth MVR 62.5 billion (US$ 4.1 billion). This includes MVR 23.8 billion (US$ 1.6 billion) to be paid in a year’s time, MVR 3.4 billion (US$ 221.5 million) to be paid in a six-month period, MVR 3.1 billion (US$ 201.9 million) to be paid back in a three-month period, and MVR 2.3 billion (US$ 149.8 million) to be paid back in a month’s time.