Government of India has provided assistance to Maldives by advancing treasury bills worth US$ 50 million
Male: According to a statement released Monday by the Indian High Commission to the Maldives, the Indian government has shown solidarity for the Maldives, India’s maritime neighbor, by rolling over a USD 50 million treasury bill. Abdulla Khaleel, the Maldives’ foreign minister, thanked the Indian government and praised the prompt aid, saying it “reflects the close bonds of friendship” between the two nations.
“India extends financial support to the Maldives through the rollover of the USD 50 million Treasury Bill,” the High Commission of India to the Maldives said in the statement posted on X.
https://x.com/HCIMaldives/status/1921792256383582686
The announcement claims that the State Bank of India (SBI) has subscribed for an additional year of a USD 50 million Government Treasury Bill issued by the Maldives’ Ministry of Finance in response to a request from the Maldivian government.
It was said that India has been helping the SBI subscribe for a number of these Treasury Bills since March 2019 and rolling them over to the Maldives government each year interest-free.
This is a component of the special government-to-government agreement between the two nations that provides the marine neighbor with emergency financial support.
Along with the Government of India’s decision earlier this year to extend the special quota for exporting essential commodities to the Maldives, the statement also noted that India has helped the Maldives in times of need and that the subscription to this Treasury Bill reflects India’s ongoing support for the Maldivian government and people.
The letter stated, “The State Bank of India (SBI) has subscribed for an additional year to a USD 50 million Government Treasury Bill issued by the Maldives’ Ministry of Finance, at the request of the Maldivian government. Since March 2019, the Indian government has allowed the SBI to subscribe for a number of these Treasury Bills, which are then rolled over to the Maldivian government each year at no interest.
Under a special government-to-government agreement, the Maldives have received emergency financial aid.
As a major marine neighbor, the Maldives plays a significant role in India’s “Neighborhood First” strategy and its “MAHASAGAR” vision, which stands for “Mutual and Holistic Advancement for Security and Growth Across Regions.” The Government of India’s decision earlier this year to extend the special quota for exporting essential commodities for the Maldives, as well as the subscription of this Treasury Bill, demonstrates India’s ongoing support for the Maldivian government and people. India has helped the Maldives in times of need.
“I express my sincere gratitude to EAM @DrSJaishankar and the Government of #India for extending crucial financial support to the #Maldives through the rollover of the USD 50 million Treasury Bill,” the Maldives’ foreign minister stated in recognition of the Indian government. This prompt aid would boost the government’s continued efforts to enact budgetary reforms for economic resilience and shows the strong partnership between the Maldives and India.
https://x.com/abkhaleel/status/1921776171634884829
The Maldives and India have been allies for a long time.
Prime Minister Modi reaffirmed India’s steadfast commitment to supporting the Maldives on its developmental journey and priorities during President Mohamed Muizzu of the Maldives’ visit to India last year. He also emphasized the significance India places on its relationship with the Maldives under its ‘Neighborhood First’ Policy and Vision SAGAR.