Key Takeaways
- India has relaxed the repayment terms for USD 50 mln budgetary support to Maldives, providing vital fiscal help to the island nation.
- The State Bank of India in Male City handles the USD 50 million Treasury Bill that expired on September 19, 2024.
- The Maldivian government is implementing a strong fiscal consolidation programme to address the ongoing economic crisis.
Male: India has given the Maldives fiscal help through an extension of the repayment date for the USD 50 million Treasury Bill, media reports said.
The State Bank of India in Male City handled the USD 50 million Treasury Bill that expired on September 19, 2024.
This was the second rollover that the Indian government has given to the Maldives this year; on May 13, 2024, a USD 50 million Treasury Bill was rolled over for the first time.
Moosa Zameer, the Minister of Foreign Affairs, expressed her heartfelt gratitude on social media platform “X” to the government and External Affairs Minister Dr. Subrahmanyam Jaishankar of the neighbouring country for providing the Maldives with vital budgetary support through the rollover of a USD 50 million Treasury Bill.
According to Zameer, the lasting relationship between the two neighbouring countries is reflected in this “generous” act.
The one-year extension results from a request made by Zameer during bilateral talks between the two nations on August 9–11, when EAM Jaishankar paid an official visit to the Maldives.
The ministry stated that the extension comes at a “pivotal moment” as the Maldivian government is implementing a strong fiscal consolidation programme to address the ongoing economic crisis. It also expressed gratitude for the kind of budgetary support India has been giving the Maldives.
The ministry continued by saying that the Indian government has demonstrated once more how much importance it places on its long-standing relationship with the Maldives.
