Govt repays $50 million loan to India

The government has repaid a $50 million loan to India. According to the government the loan was taken during the former President Mohamed Nasheed’s regime as treasury bonds.

The loan which expired yesterday was repaid following a notification sent by the State Bank of India. Minister of Finance Abdullah Jihad said that the government is compelled to repay the loan from the state reserves since the Indian government failed to extend the period.

Minister Jihad said that the country will have to face numerous challenges and problems if the reserve of a state declines.

The remaining $50 million from the $100 million taken from the former regime should be paid back in the coming February.

Leading Minister while speaking to raajjenews commented, “ we are ready to sell our wives  Jeweleries to Pay India, but we will fight till last breath for our freedom and Soveriegnty as much as we can. “