India extend USD 50 mil budget support to Maldives

The Indian government on Monday, has extended USD 50 million in budget support to the Maldives government.

The support was in form of a rollover of USD 50 million Treasury Bill, for an additional year, through the State Bank of India (SBI) Male'.

During former President Ibrahim Mohamed Solih's administration, a total of three T-Bills of USD 50 million each were subscribed by SBI, with the rate of interest on each paid annually by the Indian government. One of these T-Bills matured earlier in January 2024.

The second T-Bill will mature this May, while SBI has subscribed for one more year, at the rate of interest to be paid by the Indian government.

Indian government's decision to rollover the T-Bill came following the request made by the Minister of Foreign Affairs Moosa Zameer to India's External Affairs Minister Dr. S. Jaishankar, during the official bilateral visit to India from May 8 to 10, 2024.

In response to the T-Bill rollover extended by India, the Maldives government expressed appreciation of the "generous support" Indian government has provided.

Meanwhile, large number of infrastructural developmental projects and High Impact Community Developmental projects are currently underway in the Maldives with the assistance from the Indian government, which also consists of a notable part as grant assistance.

The Maldives government added that it looks forward in continuing the collaborative partnership of mutual benefit and prosperity of the people of both countries.