India, May 12 -- The Maldives has settled payment to India on a $50-million treasury bill, President Mohamed Muizzu said on Monday, according to a local media report.

The move is aimed at reducing the country's external debt burden.

India had extended financial support to the Maldives through treasury bills - also called T-Bills - subscribed by the State Bank of India (SBI).

Speaking at a press conference on Monday, Muizzu said the previous administration had issued $50 million treasury bills to the SBI in 2019 to bridge budget shortfalls.

He said that the bills were rolled over annually at the request of the previous Maldivian Government instead of being repaid upon maturity.

According to Muizzu, his administration repaid one $50 mi...