India extends $50 million T-bill for Maldives by one year
India's decision to extend the maturity of a $50 million Treasury bill for an additional year at the request of the Maldivian government underscores the country's continued commitment to supporting the Maldives during times of financial necessity.
President Muizzu, who led the "India Out" campaign, receives the highest amount of grant aid for the Maldives from India. | RaajjeMV | RaajjeMV
The Indian High Commission in the Maldives announced on Thursday that the Indian government has provided budgetary support to the Maldives by rolling over a $50 million Treasury bill (T-bill) for an additional year, following a request from the Maldivian government.
The Indian High Commission announced in a press release that, at the request of the Maldivian government, the State Bank of India (SBI) has subscribed to a $50 million Treasury Bill for an additional year. This follows the maturity of the previous T-bill, issued by the Ministry of Finance, on September 19.
The statement further emphasized that India has consistently remained a steadfast partner during the Maldives' times of need. It noted that the recent subscription to the Treasury Bill, along with the decision earlier this year to extend the special quota for importing essential commodities for another year, symbolizes India's continuous support for the Maldivian government and its people. In response to India's decision, the former Foreign Minister of the Maldives, Abdulla Shahid, welcomed the move to provide essential budgetary support to the country.
Describing India as a "long-standing close friend" of the Maldives, Abdulla Shahid expressed his gratitude for the special priority India accords to the Maldivian people. In a post on X, Shahid stated that he was heartened to learn of India’s decision to subscribe to the $50 million Treasury bill, issued by the Maldivian government as emergency financial assistance, for an additional year. He noted that despite the current administration’s economic mismanagement and questionable foreign policies, India continues to prove itself repeatedly as a reliable and time-tested ally. Furthermore, while thanking India for its continued support, he emphasized that maintaining close and seamless relations with all nations is essential for the country’s progress and prosperity.
Relations between India and the Maldives faced a significant strain following the inauguration of President Mohamed Muizzu, who assumed office after a campaign centered on inciting anti-India sentiment among Maldivians. However, India’s recent provision of financial assistance and the decision to increase quotas for essential commodity imports serve as a clear indication of its continued commitment to supporting the Maldives.
