The Indian government has extended USD 50 million in budget support to the Maldives government on Monday, May 13, 2024.
Indian government’s support was in the form of a rollover of USD 50 million Treasury Bills (T-Bills), for an additional year, through the State Bank of India (SBI) Male’.
Three T-Bills, each USD 50 million were subscribed by SBI during former President Ibrahim Mohamed Solih’s administration, with the rate of interest on each paid annually by the Indian government.
While one of these bills matured in January 2024, the second bill will mature this May. For the third, SBI has subscribed for one more year, with the rate of the interest to be paid by the Indian government.
This decision came hot in the heels of Maldives Foreign Minister Moosa Zameer’s request to Indian External Affairs Minister Dr. S. Jaishankar for leniencies. Zameer made the request during the official bilateral visit he made last week.