India extends USD 50 Million budget support to Maldives, rollovers treasury bill subscription

13 May 2024 | 23:04
President Dr. Mohamed Muizzu and Prime Minister of India Narendra Modi

In a significant demonstration of bilateral cooperation, the Government of India has extended a budget support of USD 50 million to the Maldives, announced today.

This support comes in the form of a rollover of a USD 50 million Treasury Bill for an additional year, facilitated through the State Bank of India, Male’, effective from May 13, 2024.

The decision to rollover the Treasury Bill was made following a request from Maldives Foreign Minister Moosa Zameer to India’s External Affairs Minister Dr. S. Jaishankar during the official bilateral visit to India from May 8 to 10, 2024.

This extension underscores the enduring partnership between the two nations and reaffirms India's commitment to supporting the Maldives in its economic development endeavors.

The Maldives government expressed profound appreciation for the generous support provided by the Indian government, acknowledging the significant contribution towards the country's budgetary requirements in a statement released today by Ministry of foreign affairs.

Notably, a considerable portion of India's assistance is allocated towards infrastructural development projects and High Impact Community Developmental projects in the Maldives, including grant assistance.

Statement released by the Maldives Foreign Ministry highlighted the collaborative partnership between the two nations and expressed a commitment to continuing this mutually beneficial relationship for the prosperity of both peoples.

The statement emphasized the importance of India's ongoing support in facilitating economic growth and addressing developmental needs within the Maldives.

Treasury bills, introduced by the Maldives Monetary Authority (MMA) on September 10, 2006, serve as crucial financial instruments for raising funds for government budget financing requirements.

The extension of budget support from India further strengthens the strategic ties between the two nations and underscores the depth of their cooperation across various sectors.