Maldivian government thanked the Indian government for providing budgetary support worth $50 million on Monday. The support was extended in the form of a rollover of a $50 million treasury bill for one more year which was done through the State Bank of India’s branch in the Maldivian capital of Male.
“The Government of India has provided a budget support of USD 50 million to the Maldives today. The support was in the form of a rollover of USD 50 million Treasury Bill, for an additional year, through the State Bank of India, Male’, from 13 May 2024,” the Maldivian government said in a press release.
The Maldivian government revealed that the decision to rollover the treasury bill was made after a request by foreign minister Moosa Zameer to his counterpart S Jaishankar when the former visited New Delhi last week.
“I thank EAM Dr S Jaishankar and the Government of India for extending vital budgetary support to Maldives with the rollover of $50 million Treasury Bill. This is a true gesture of goodwill which signifies the longstanding friendship between Maldives and India,” Maldivian foreign minister Moosa Zameer said.
I thank EAM @DrSJaishankar and the Government of #India for extending vital budgetary support to Maldives with the rollover of USD 50 million Treasury Bill. This is a true gesture of goodwill which signifies the longstanding friendship between #Maldives and #India. @HCIMaldives… https://t.co/MKeUbs6C0e— Moosa Zameer (@MoosaZameer) May 13, 2024
“The Government of India’s decision to rollover the T-Bill came following a request to that effect made by Foreign Minister Moosa Zameer to India’s External Affairs Minister Dr. S. Jaishankar, during the official bilateral visit to India from 8-10 May 2024,” the press release by the Maldivian finance ministry said.
“The Government of Maldives is highly appreciative of the generous support that Government of India has been providing to the Maldives in the form of budgetary support. Large number of infrastructural development projects and High Impact Community Developmental projects are underway with the assistance from the Government of India, which consists of a notable part as grant assistance. The Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of their people,” the press release further said.
The government treasury bills are subscribed by the SBI under a unique government-to-government arrangement at zero cost (interest-free) to the Maldivian government.
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