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India Extends USD 50 Million Budgetary Support to Maldives

Photo: X/Moosa Zameer

India has decided to extend vital budgetary support to the Maldives government by rolling over a USD 50 million Treasury Bill for another year, the High Commission of India announced on Monday. The State Bank of India subscribed to the USD 50 million Government Treasury Bill for an additional year, as requested by the Maldivian Ministry of Finance, NDTV reported.

This gesture comes despite recent turbulence in bilateral ties, following the assumption of office by Maldives President Mohamed Muizzu, who is perceived as pro-China. The Government Treasury Bills are subscribed by SBI under a unique government-to-government arrangement at zero cost (interest-free) to the Maldives government.

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The continuation of the subscription was made at the special request of the Maldivian government to secure budgetary support from India, according to the statement. The Maldivian government expressed gratitude to India for this support.

Foreign Minister Moosa Zameer tweeted, "I thank EAM Dr S Jaishankar and the Government of India for extending vital budgetary support to the 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."

The Government of India's decision to roll over the Treasury Bill came following a request made by Foreign Minister Moosa Zameer to India's External Affairs Minister Dr S Jaishankar during an official bilateral visit to India from May 8-10, according to the Maldivian Foreign Ministry.

The Government of Maldives highly appreciates the generous support provided by India, including a large number of infrastructural developmental projects and High Impact Community Developmental projects, the statement added. The Maldivian government looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of both nations.

This development follows President Muizzu's request for India to withdraw some 89 Indian military personnel from the country by May 10. Zameer stated on Saturday that 76 Indian military personnel were replaced by civilian employees of the Hindustan Aeronautics Limited, which manufactured the two helicopters gifted by India, thus ending the suspense over the exact number of those repatriated at the insistence of Male. However, the Maldives government has no intention of removing the doctors from India at Senahiya.

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