India Extends $50 Million Budgetary Support to Maldives

  • 14 May 2024

On 13th May 2024, India extend vital budgetary support to the Maldives by rolling over a $50 million Treasury Bill for another year, showcasing goodwill amidst bilateral turbulence.

Key Points

  • Goodwill Gesture from India: India decides to extend crucial budgetary support to the Maldives with the rollover of a $50 million Treasury Bill for an additional year, demonstrating commitment to bilateral ties.
  • State Bank of India's Subscription: The State Bank of India subscribes to the Government Treasury Bill for another year, at zero cost to the Maldives government, reinforcing India's support for its island neighbor.
  • Impact on Bilateral Relations: Despite recent turbulence in bilateral ties, India's decision to extend budgetary support signifies a commitment to maintaining and strengthening relations with the Maldives.
  • Continued Financial Assistance: India's rollover of the Treasury Bill reflects a longstanding friendship between the two nations, highlighting India's ongoing support for the Maldives' economic stability and development.
  • Appreciation from Maldivian Government: The Maldivian government expresses gratitude to India for its continued support, emphasizing the significance of the gesture in fostering mutual benefit and prosperity.
  • Progress in India-Assisted Projects: Significant progress is made in expediting India-assisted projects in the Maldives, underscoring the collaborative partnership between the two countries for developmental initiatives.
  • Commitment to Collaboration: Both governments reaffirm their commitment to collaborative partnership, aiming to prioritize the resumption and completion of ongoing projects for the benefit of their people.