India extends budgetary support to Maldives

Male, May 13: In a goodwill gesture, India has decided to extend vital budgetary support to the Maldives government with the rollover of a USD 50 million Treasury Bill for another year on the Maldivian government’s special request, it was announced on Monday.
The State Bank of India has subscribed for one more year to the USD 50 million Government Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription, the High Commission of India said in a brief statement on Monday.
The Indian government took this decision despite the bilateral ties experiencing turbulence since Maldives President Mohamed Muizzu, a pro-China leader, assumed office six months back.
These Government Treasury Bills are subscribed by SBI under government-to-government, a unique arrangement at zero cost (interest-free) to the Government of Maldives.
The continuation of subscription has been made at the special request of the Government of Maldives to secure budgetary support from the Government of India, the statement said.
The Maldivian government on Monday thanked India for its support.
“I thank EAM @DrSJaishankar and the Government of #India for extending vital budgetary support to the Maldives with the rollover of USD 50 million Treasury Bill. This is a true gesture of goodwill which signifies the longstanding friendship between #Maldives and #India,” Foreign Minister Moosa Zameer tweeted.
The Government of India has provided budget support of USD 50 million to the Maldives. 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 May 13, 2024, the Maldivian Foreign Ministry said in a statement.
“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 May 8-10, the statement said.
The Government of Maldives is highly appreciative of the generous support that the Government of India has been providing to the Maldives in the form of budgetary support. A large number of infrastructural developmental projects and High Impact Community Developmental projects are underway with assistance from the Government of India, which consists of a notable part as grant assistance, the statement said.
The Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of their people, it said. (PTI)