India has extended vital budgetary support to the Maldives government by rolling over a USD 50 million Treasury Bill for another year. The State Bank of India has subscribed to this bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription.
This decision was made as a goodwill gesture despite recent turbulence in bilateral ties since Maldives President Mohamed Muizzu, considered pro-China, took office six months ago.
The Government Treasury Bills are subscribed by SBI under a unique government-to-government arrangement at zero cost to the Maldives government. The continuation of subscription was made at the special request of the Maldivian government to secure budgetary support from India.
In response, the Maldivian government expressed gratitude to India for its support, emphasizing the longstanding friendship between the two nations.
The rollover of the Treasury Bill was initiated following a request by Maldives Foreign Minister Moosa Zameer to India's External Affairs Minister Dr S Jaishankar during an official bilateral visit.
The Maldives government highly appreciates the generous support provided by India, including various infrastructural and community development projects. It looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of both countries.
This development comes amid a downturn in bilateral ties since President Muizzu's assumption of office, including the request for the withdrawal of Indian military personnel from the country. However, the recent replacement of military personnel with civilian employees has addressed this issue, indicating a positive trajectory in relations.
