The government of India has provided a budget support of USD 50 million to the government of Maldives.

This was revealed by the Ministry of Foreign Affairs on Monday.

In a statement issued on Monday, the ministry revealed that the support was in the form of a rollover of USD 50 million treasury bill for an additional year, through the State Bank of India (SBI) in capital Malé City from May 13.

India’s decision to rollover the T-Bill came following a request made by Minister of Foreign Affairs Moosa Zameer, to the External Affairs Minister of India, Dr. S. Jaishankar as part of his recent official bilateral visit to the neighboring country from May 8 – 10.

The ministry on behalf of the government, expressed appreciation for the generous support that the Indian government has been providing to the Maldives in the form of budgetary support.

Several infrastructural developmental projects and high-impact community developmental projects are also underway with the assistance from the Indian government.

This consists of a notable part as grant assistance.

The government of Maldives looks forward to continue this collaborative partnership for the mutual benefit and prosperity of the people of the island nation.

The treasury bonds purchased through the State Bank of India in the Maldives were purchased as part of an agreement between the previous government and the government of India back in 2019. A total of USD 200 million worth of bonds were purchased.

Out of this amount, USD 50 million has already been repaid by the current administration and the government had sought to repay the remaining USD 150 million during the foreign minister’s recent visit.