India has extended financial support to the Maldives through the rollover of the $50 million Treasury Bill, the High Commission of India to Maldives said in a statement on Monday.
Foreign Minister of Maldives, Abdulla Khaleel expressed gratitude to the Indian government and hailed the timely assistance which “reflects the close bonds of friendship” between the two countries.
In the statement shared on X, the High Commision of India to Maldives said, “India extends financial support to the Maldives through the rollover of the USD 50 million Treasury Bill.”
Khaleel posted in X, “I express my sincere gratitude to EAM Dr S Jaishankar and the Government of #India for extending crucial financial support to the #Maldives through the rollover of the USD 50 million Treasury Bill.”
“This timely assistance reflects the close bonds of friendship between #Maldives & #India and will support the Government’s ongoing efforts to implement fiscal reforms for economic resilience,” Khaleel said.
The official statement read, “On the request of Government of Maldives, the State Bank of India (SBI) has subscribed, for one more year, a USD 50 million Government Treasury Bill issued by the Ministry of Finance of Maldives.”
“Since March 2019, Government of India has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest-free to the Government of Maldives,” stated the High Commission’s statement.
This has been done under a unique Government- to-Government arrangement, as emergency financial assistance to Maldives.
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Maldives is India’s key maritime neighbour and an important partner in India’s ‘Neighbourhood First’ policy and Vision ‘MAHASAGAR’ i.e. Mutual and Holistic Advancement for Security and Growth Across Regions. India has assisted Maldives in times of need and the subscription of this Treasury Bill, along with, the Government of India’s decision earlier this year to extend the special quota for export of essential commodities for Maldives, reflect India‘s continued support to the Government and the people of the Maldives.
