'Generous Gesture': India Extends $50 Million Crucial Budgetary Support To Maldives
Date
9/20/2024 12:00:16 AM
(MENAFN- Live Mint) India has extended budgetary support to the Maldives government in the form of a rollover of the USD 50 million Treasury Bill for another year on the Maldivian government's request, the Indian High Commission in the Maldives announced on Thursday.
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“At the request of the Maldivian government, the State bank of India (SBI) has subscribed the USD 50 million government Treasury Bills (T-bills) issued by the Ministry of Finance of the Maldives for a period of one more year upon the maturity of the previous subscription on September 19,” the Indian High Commission in the Maldives said in a press release.
It is to be further noted that this is the second rollover granted by the Indian government this year, following the first rollover of a USD 50 million Treasury Bill in May.
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The press release stated,“Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under same mechanism, again on the request of the Government of Maldives. These subscriptions have been made at the special request of the Government of Maldives as emergency financial assistance.”
In the press release, the Indian High Commission called the Maldives India's key maritime neighbour and important partner under India's 'Neighbourhood First' policy.
The Indian High Commission in Maldives stated,“Maldives is India's key maritime neighbour and an important partner under India's 'Neighbourhood First' policy and Vision SAGAR i.e. Security and Growth for All in the Region.”
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