The State Trading Organization (STO) has secured a loan amounting to $50 million, backed by a sovereign guarantee from the government, aimed at importing vital commodities such as rice, medicine, and other essential goods. This development was disclosed by Ahmed Saleem, Vice Chair of the Parliament’s Public Account Committee and MP for the Eydhafushi constituency, during a recent committee meeting.
Saleem revealed that the Ministry of Finance had communicated this financial arrangement in a letter addressed to the committee. However, further discussion was abruptly halted when a member’s comment led to the microphone being cut off, leaving additional details about the loan undisclosed.
The loan carries an interest rate of 13.13 percent and is structured for repayment within a three-year period. Despite these insights, the source of the loan remains unspecified, as no information regarding the lending institution has been provided.
