Maldives secures $50 million loan from U.S. firm amid economic challenges

On November 8, 2024, the State Trading Organisation (STO) of the Maldives secured a $50 million loan from Cargill Financial Services International (CFSI) with a sovereign guarantee. The loan carries 13.13% interest and matures in three years, with $25 million due after two and a half years. The funds will finance imports of medicines and staple goods. The Maldivian economy faces challenges, with total public debt at $8.2 billion (116% of GDP) in early 2024. The World Bank projected 4.7% growth for 2024. India rolled over a $50 million loan and approved over $750 million in currency swaps. China signed a financial cooperation agreement in September 2024. The government ended its debt advisory engagement with Centerview Partners in October 2024 and plans bilateral debt management and fiscal adjustments.

On November 8, 2024, the State Trading Organisation (STO) of the Maldives secured a $50 million loan from Cargill Financial Services International (CFSI) with a sovereign guarantee. The loan carries 13.13% interest and matures in three years, with $25 million due after two and a half years. The funds will finance imports of medicines and staple goods. The Maldivian economy faces challenges, with total public debt at $8.2 billion (116% of GDP) in early 2024. The World Bank projected 4.7% growth for 2024. India rolled over a $50 million loan and approved over $750 million in currency swaps. China signed a financial cooperation agreement in September 2024. The government ended its debt advisory engagement with Centerview Partners in October 2024 and plans bilateral debt management and fiscal adjustments.

On November 8, 2024, the State Trading Organisation (STO) of the Maldives secured a $50 million loan from Cargill Financial Services International (CFSI) with a sovereign guarantee. The loan carries 13.13% interest and matures in three years, with $25 million due after two and a half years. The funds will finance imports of medicines and staple goods. The Maldivian economy faces challenges, with total public debt at $8.2 billion (116% of GDP) in early 2024. The World Bank projected 4.7% growth for 2024. India rolled over a $50 million loan and approved over $750 million in currency swaps. China signed a financial cooperation agreement in September 2024. The government ended its debt advisory engagement with Centerview Partners in October 2024 and plans bilateral debt management and fiscal adjustments.

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