India has extended the deadline for repayment of the USD 50 million Treasury Bill issued as budgetary support to the Maldives.

In a statement issued on Thursday, the Ministry of Foreign Affairs highlighted that USD 50 million Treasury Bill expired on 19 September 2024, through the State Bank of India in the capital Malé City.

This was the second rollover the government of India has granted to the Maldives this year and is followed by the first rollover of a USD 50 million Treasury Bill on 13 May 2024.

Taking to social media platform ‘X’, Minister of Foreign Affairs Moosa Zameer extended sincere gratitude to the neighboring country’s External Affairs Minister Dr. Subrahmanyam Jaishankar as well as the government, for extending crucial budgetary support to the Maldives with the rollover of USD 50 million Treasury Bill.

Zameer said that this “generous” gesture mirrors the enduring bonds of friendship between the two neighboring countries.

The one-year extension comes following a request FM Zameer made during discussions held between the two countries as part of EAM Jaishankar’s official visit to the Maldives from August 9 – 11.

Expressing appreciation for the generous support India has been providing to the Maldives in the form of budgetary support, the ministry said 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.

The ministry went on to note that the Indian government has once again displayed the high priority it places on its enduring partnership with Maldives.

Further, the ministry expressed keenness to continue the collaborative partnership for the mutual benefit and prosperity of the people of both nations.