The Government India has provided a budget support of USD 50 million to the Maldives today. The support was in the form of a rollover of USD 50 million Treasury Bill, for an additional year, through the State Bank of India, Male’, from 13 May 2024.
Government of India’s decision to rollover the T-Bill came following a request to that effect made by Foreign Minister Moosa Zameer to India’s External Affairs Minister Dr. S. Jaishankar, during the official bilateral visit to India from 8-10 May 2024.
The Government of Maldives is highly appreciative of the generous support that Government of India has been providing to the Maldives in the form of budgetary support. Large number of infrastructural developmental projects and High Impact Community Developmental projects are underway with the assistance from the Government of India, which consists of a notable part as grant assistance.
The Government of Maldives looks forward in continuing this collaborative partnership for the mutual benefit and prosperity of their people.
Last year also, India extended budgetary support to the Maldives government in the form of a rollover of the USD 50 million Treasury Bill for another year on the Maldivian government’s request, the Indian High Commission in the Maldives announced on Thursday.
At the request of the Maldivian government, the State Bank of India (SBI) has subscribed the USD 50 million government Treasury Bills (T-bills) issued by the Ministry of Finance of the Maldives for a period of one more year upon the maturity of the previous subscription on September 19, the Indian High Commission in the Maldives said in a press release.
This is the second rollover granted by the Indian government this year, following the first rollover of a USD 50 million Treasury Bill in May.
The press release stated, “Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under same mechanism, again on the request of the Government of Maldives. These subscriptions have been made at the special request of the Government of Maldives as emergency financial assistance.”
In the press release, the Indian High Commission called the Maldives India’s key maritime neighbour and important partner under India’s ‘Neighbourhood First’ policy.
The Indian High Commission in Maldives stated, “Maldives is India’s key maritime neighbour and an important partner under India’s ‘Neighbourhood First’ policy and Vision SAGAR i.e. Security and Growth for All in the Region.”
“India has assisted Maldives in times of need and the current subscription of T-bills along with Government of India’s decision earlier this year, of extending special quota for export of essential commodities for Maldives by one more year reflect India’s continued support to the Government and the people of the Maldives,” it added.
Earlier in August, External Affairs Minister S Jaishankar visited Maldives. During his visit to Male, Jaishankar signed MoUs on capacity building and inaugurated six High Impact Community Development Projects (HICDPs), according to a Ministry of External Affairs (MEA) release.
