India Extends Financial Support To Maldives Through Rollover Of $50 Million Treasury Bill

(MENAFN- Live Mint) India extended financial support to the Maldives through the rollover of the $50 million Treasury Bill. In a statement on Monday, Maldives Foreign Affairs minister Abdulla Khaleel expressed gratitude towards India for the financial support.

Khaleel posted in X,“I express my sincere gratitude to EAM Dr S Jaishankar and the Government of #India for extending crucial financial support to the #Maldives through the rollover of the USD 50 million Treasury Bill."

“This timely assistance reflects the close bonds of friendship between #Maldives & #Indi a and will support the Government's ongoing efforts to implement fiscal reforms for economic resilience,” Khaleel said.

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The Indian High Commission in the Maldives also released a statement on the matter.

The official statement read,“On the request of Government of Maldives, the State Bank of India (SBI) has subscribed, for one more year, a USD 50 million Government Treasury Bill issued by the Ministry of Finance of Maldives.”

“Since March 2019, Government of India has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest-free to the Government of Maldives,” stated the High Commission's statement.

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It added,“This has been done under a unique Government-to-Government arrangement, as emergency financial assistance to Maldives ."

'Maldives is India's key maritime neighbour'

The statement by the Indian High Commission noted that“Maldives is India's key maritime neighbour and an important partner in India's 'Neighbourhood First' policy and Vision 'MAHASAGAR ' i.e. Mutual and Holistic Advancement for Security and Growth Across Regions.”

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“India has assisted Maldives in times of need and the subscription of this Treasury Bill, along with, the Government of India's decision earlier this year to extend the special quota for export of essential commodities for Maldives, reflect India's continued support to the Government and the people of the Maldives,” the statement read.

The statement came amid ongoing India-Pakistan tensions.

Earlier on May 10, India said it has committed its support to the Maldives by ensuring the supply of essential medicines through HLL Lifecare Limited - a Government of India enterprise under the Ministry of Health & Family Welfare - solidifying the growing healthcare collaboration between the two nations.

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According to a release, in line with this initiative, the State Trading Organization Plc (STO) - a Government of Maldives enterprise responsible for the import and distribution of essential goods - has signed a strategic agreement with HLL under India's Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP).

The PMBJP is a government initiative aimed at providing affordable, high-quality medicines to the public. This partnership ensures a continuous and affordable supply of essential medicines to every corner of the Maldives.

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