President Ibrahim Mohammed Solih have said that treasury bills will be sold to India at a low interest rate and as a result of the loans from India the country will not be in debt. Speaking to the press the president said that the former administration sold bonds at an interest rate of 5% but this administration will sell it for 1.5% to India.
He said that the 400 million dollar currency swap agreement will not increase the state debt. “Under that agreement we will swap Maldivian currency with US dollars.
As a result the foreign reserve position will improve” said the president. In addition he said that the 800 million dollar loan facility will be used on various developmental project and such projects can only be conducted with the involvement of local contractors. He also said that GMR took part in the investment forum as an Indian company and the government did not make any agreements with GMR.
