Usable official reserves stand at $200.6 million, an amount sufficient to cover approximately 18 days of imports: Zariyand
18 ސެޕްޓެމްބަރު 2026 | ހުކުރު 07:31Despite concerns that the Maldives' usable reserves may decline following the $50 million debt repayment to the State Bank of India, the Ministry of Finance has assured that there will be no disruptions to the import of essential commodities, including fuel, staple foods, and medicine.
Ismail Zariyand speaking during the "Fala Surukhee" program. | RaajjeMV
Financial expert Ismail Zariyand has stated that although the Maldives' official reserves stand at $643.8 million, the usable reserve currently amounts to only $200.6 million. He noted that this figure is sufficient to cover the country's imports for just 18 days.
In a post on X, Zariyand stated that if the $50 million debt owed to the State Bank of India (SBI) is settled using the national reserves, the usable reserve balance will drop to $150 million. He further noted that this amount would only be sufficient to cover the country's imports for approximately two weeks.
According to the latest statistics from the Maldives Monetary Authority (MMA), the country's official reserves rose to $643.8 million by the end of August, up from $638 million in July. However, during the same period, usable reserves declined by 9.6 percent, falling from $221.9 million to $200.6 million. This repayment obligation comes at a time when the Maldives' usable reserves are already under significant pressure.
Former President Mohamed Nasheed has also expressed his concerns regarding the matter on X. He stated that following the repayment of a USD 50 million bond due to the Indian government, the administration would lack sufficient foreign currency reserves to import essential food items, fuel, and medical supplies.
However, Finance Minister Hassan Zareer stated that despite the repayment of the final $50 million installment of a $150 million loan from the State Bank of India (SBI), there will be no disruptions to the import of fuel and other essential commodities.
In a post on X, Minister Zareer stated that under the leadership of President Dr. Mohamed Muizzu, the government is managing its debt obligations through proactive planning and regular contributions to the Sovereign Development Fund. He further assured that the government has secured arrangements to ensure the uninterrupted import of fuel, essential food staples, and medicine.
The Maldivian government has fully settled a $150 million budget support facility provided through the assistance of the Indian government, following the final repayment of a $50 million Treasury bill to the State Bank of India (SBI).
