MMA has returned 100 million dollars to India. The money was borrowed from India due to a deficit of foreign currency reserves at MMA.
MMA borrowed this money, due to the decrease in foreign currency in reserves faced after Maldives paid 271 million dollars to GMR.
Even though a lot of money was paid to GMR due to this facilities from India, Maldives did not face any major difficulties during this period.
MMA swapped 100 million dollars with Indian Reserve Bank by keeping equivalent amount in Maldivian Rufiyaa as guarantee in the Indian Reserve Bank.
Government returns 100 million dollar loan borrowed from India .
