In a significant boost to the Maldives’ economic resilience, India has extended a $50 million Treasury Bill for another year, reinforcing the enduring partnership between the two nations. This financial support, facilitated through the State Bank of India (SBI), underscores India’s commitment to its ‘Neighbourhood First’ policy and Vision SAGAR (Security and Growth for All in the Region).
Maldives Foreign Minister Dr. Abdulla Khaleel expressed heartfelt gratitude to Indian External Affairs Minister Dr. S. Jaishankar and the Government of India for this timely assistance. He emphasized that the rollover of the Treasury Bill reflects the close bonds of friendship between the Maldives and India and will aid the government’s ongoing efforts to implement fiscal reforms aimed at economic stability.
The Indian High Commission in the Maldives highlighted that this extension is part of a unique government-to-government arrangement, providing emergency financial assistance to the Maldives. Since March 2019, India has been facilitating the subscription of such Treasury Bills by SBI, rolling them over annually, interest-free, to support the Maldivian government.
This financial gesture comes at a pivotal moment as the Maldives navigates economic challenges exacerbated by global uncertainties. The support from India not only alleviates immediate fiscal pressures but also reinforces the strategic maritime partnership between the two countries.
President Dr. Mohamed Muizzu’s administration has been proactive in strengthening diplomatic and economic ties with India. The recent financial assistance is a testament to the collaborative efforts and mutual trust that define India-Maldives relations.
Prime Minister Narendra Modi’s leadership in extending this support reflects India’s unwavering commitment to regional stability and prosperity. The Maldives looks forward to continued collaboration with India, fostering growth and security in the region.
This development marks another milestone in the longstanding friendship between the Maldives and India, setting the stage for deeper cooperation and shared progress in the years ahead.
