The Government of India has once again stepped forward to support Maldives by extending a crucial USD 50 million Treasury Bill (T-Bill), subscribed by the State Bank of India (SBI), for another year. The rollover, granted on the request of the Maldivian government, comes under a unique government-to-government arrangement as emergency financial assistance.
According to a press release issued by the Indian High Commission in Malé, the measure reflects India’s consistent commitment to assist the Maldives in times of need. Since March 2019, New Delhi has facilitated the annual subscription of several such Treasury Bills through SBI, rolling them over interest-free, thereby easing the Maldives’ fiscal pressures.
The High Commission emphasized the Maldives’ importance under India’s ‘Neighbourhood First’ policy and its broader maritime strategy, Vision ‘MAHASAGAR’ (Mutual and Holistic Advancement for Security and Growth Across Regions). It described the Maldives as a “key maritime neighbour and important partner,” highlighting that India’s continued assistance demonstrates trust and enduring friendship between the two nations.
The press release also recalled earlier decisions by India this year, including extending a special quota for the export of essential commodities to the Maldives and the re-subscription of another T-Bill, which together underline New Delhi’s unwavering support for Maldivian stability and prosperity.
This latest rollover complements ongoing discussions between the two governments on India-funded projects under the Line of Credit (LOC), as well as the currency swap facility worth USD 750 million, of which Maldives is already utilizing USD 400 million.
With the extension of this T-Bill, India has once again reaffirmed its role as the Maldives’ closest partner, reinforcing economic stability and strengthening the deep-rooted bilateral ties that continue to anchor peace and growth across the Indian Ocean region.
