Guarantee for STO's USD 25 mln loan provided by gov't

Maldives government issued a guarantee of USD 25 million to State Trading Organization (STO) to import staple food and pharmaceuticals to the Maldives, statistics have shown.

According to the latest debt report publicized by the Finance Ministry, a USD 25 million loan was taken out from the Male’ Branch of Hong Kong and Shanghai Banking Corporation by STO earlier this year. The guarantee for the loan was issued by the government during January.

Earlier in May 2020, STO borrowed USD 15 million from International Islamic Trade Finance Corporation for the purchase of staple foods and pharmaceuticals. The guarantee for the loan was also provided by the government.