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Tuesday 05 Nov 2024
LOCAL EDITION
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LOCAL EDITION
Maldivian Foreign Minister Moosa Zameer (L) and India’s Minister of External Affairs Dr. S. Jaishankar (R). (Photo/President's Office)
The government of India has extended the deadline for the repayment of USD 50 million Treasury Bill (T-Bill) by one year issued as budgetary support for the government of Maldives.
In a statement on Thursday, the Indian High Commission in the Maldives said State Bank of India (SBI) has subscribed the USD 50 million T-Bill issued by the Finance Ministry of Maldives by an additional year from the date of maturity.
Former president Ibrahim Mohamed Solih’s administration withdrew three T-Bills valued at USD 50 million from SBI.
The current administration repaid one the T-Bills in January of this year, with the second T-Bill due in May. The government of India granted an extension to the repayment of the T-Bill by one year.
The third T-Bill which matured on Thursday, was granted an additional year for repayment.
As per the High Commission, the subscriptions were made at the special request of the government of Maldives as emergency financial assistance.
In their statement, the High Commission underscored India as a key maritime neighbor and important partner under Inda’s ‘Neighborhood First’ policy and vision SAGAR, Security and Grown for All in the Region.
It was also noted that India has always assisted Maldives in times of need and henceforth, the subscription of the T-Bills alongside extending the special quota for export of essential commodities for Maldives by one additional year reflects India’s continued support for the Maldives.
Foreign Ministry also released a statement following the subscription of the T-Bill in which detailed that the decision to grant this extension came following a request to that effect made by Foreign Minister Moosa Zameer at the discussions held during Minister of External Affairs of India Dr. S. Jaishankar recent visit to the Maldives in August.
“The Government of Maldives is highly appreciative of the generous support that the Government of India has been providing to the Maldives in the form of budgetary support,” read the statement.
