Male, In a goodwill gesture, India has decided to extend significant budgetary support to Maldives with the rollover of treasury bills of US$ 50 million for another year on the special request of the Maldivian Government, it was announced on Monday.
State Bank of India has subscribed for USD 50 million government treasury bills issued by the Ministry of Finance of Maldives for one more year till the maturity of the previous subscription, the Indian High Commission said in a brief statement on Monday.
The Indian government took the decision despite turmoil in bilateral relations since Maldivian President Mohammed Muizzu, a pro-China leader, took office six months ago.
These Government Treasury Bills are subscribed by SBI under Government-to-Government, a unique arrangement to the Government of Maldives at zero cost (interest-free).
The statement said that the membership has been continued at the specific request of the Government of Maldives to avail budgetary support from the Government of India.Under the terms of the special government-to-government arrangement, SBI is subscribing to these government treasury bills at zero cost to the Government of Maldives. According to the report of Edition.mv news portal, this means that Maldives will not have to spend any interest on the borrowed amount.
The first treasury bill, valued at US$50 million, maturing in January 2024, was repaid by the Maldives. The second Treasury bill, also worth US$5 million, is scheduled to mature in May 2024. In response to a special request from Maldives, SBI has chosen to extend its membership for another year.The third treasury bill is due to mature in September, the report said.
The Maldives government on Monday thanked India for its support. "I thank EA @DrSJaishankar and the Government of #India for providing significant budget support to the Maldives with the rollover of the US$50 million Treasury Bill. This is a true gesture of goodwill that has long existed between #Maldives and #India. It is a symbol of friendship that has been going on since." Foreign Minister Musa Zameer tweeted.The Government of India has provided budget assistance of US$50 million to Maldives. The Maldives Foreign Ministry said in a statement that the assistance was in the form of a rollover of US$50 million treasury bills for an additional year through State Bank of India, Male, from March 13, 2024.
"The decision of the Government of India to withdraw the T-bill follows the request made by External Affairs Minister Musa Zameer to the Indian External Affairs Minister Dr. S. Jaishankar during his official bilateral visit to India on May 8-10," the statement said. Did.''
The Government of Maldives highly appreciates the generous support being provided by the Government of India to Maldives in the form of budgetary support. The statement said a large number of infrastructure development projects and high impact community development projects are underway with the assistance of the Government of India, which includes a significant portion in the form of grant assistance.It added that the Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of its people.
After returning from the visit, Zameer said that significant progress has been made in accelerating India-supported projects in the Maldives, as he underlined the government's commitment to prioritize the restart and completion of these projects.
Bilateral relations between the two countries have deteriorated since President Muizzu took office in November and he immediately asked India to withdraw around 89 Indian military personnel from the country by May 10. Indian military personnel were operating three aviation platforms in the island. Nation.Zameer said on Saturday that 76 Indian military personnel were replaced by civilian employees of Hindustan Aeronautics Limited, which manufactured two helicopters gifted by India, thus raising suspense over the exact number of those sent back at Male's insistence. also ended.
However, the Maldivian government has no intention of deporting the doctors in Senahiya to India.
State Bank of India has subscribed for USD 50 million government treasury bills issued by the Ministry of Finance of Maldives for one more year till the maturity of the previous subscription, the Indian High Commission said in a brief statement on Monday.
The Indian government took the decision despite turmoil in bilateral relations since Maldivian President Mohammed Muizzu, a pro-China leader, took office six months ago.
These Government Treasury Bills are subscribed by SBI under Government-to-Government, a unique arrangement to the Government of Maldives at zero cost (interest-free).
The statement said that the membership has been continued at the specific request of the Government of Maldives to avail budgetary support from the Government of India.Under the terms of the special government-to-government arrangement, SBI is subscribing to these government treasury bills at zero cost to the Government of Maldives. According to the report of Edition.mv news portal, this means that Maldives will not have to spend any interest on the borrowed amount.
The first treasury bill, valued at US$50 million, maturing in January 2024, was repaid by the Maldives. The second Treasury bill, also worth US$5 million, is scheduled to mature in May 2024. In response to a special request from Maldives, SBI has chosen to extend its membership for another year.The third treasury bill is due to mature in September, the report said.
The Maldives government on Monday thanked India for its support. "I thank EA @DrSJaishankar and the Government of #India for providing significant budget support to the Maldives with the rollover of the US$50 million Treasury Bill. This is a true gesture of goodwill that has long existed between #Maldives and #India. It is a symbol of friendship that has been going on since." Foreign Minister Musa Zameer tweeted.The Government of India has provided budget assistance of US$50 million to Maldives. The Maldives Foreign Ministry said in a statement that the assistance was in the form of a rollover of US$50 million treasury bills for an additional year through State Bank of India, Male, from March 13, 2024.
"The decision of the Government of India to withdraw the T-bill follows the request made by External Affairs Minister Musa Zameer to the Indian External Affairs Minister Dr. S. Jaishankar during his official bilateral visit to India on May 8-10," the statement said. Did.''
The Government of Maldives highly appreciates the generous support being provided by the Government of India to Maldives in the form of budgetary support. The statement said a large number of infrastructure development projects and high impact community development projects are underway with the assistance of the Government of India, which includes a significant portion in the form of grant assistance.It added that the Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of its people.
After returning from the visit, Zameer said that significant progress has been made in accelerating India-supported projects in the Maldives, as he underlined the government's commitment to prioritize the restart and completion of these projects.
Bilateral relations between the two countries have deteriorated since President Muizzu took office in November and he immediately asked India to withdraw around 89 Indian military personnel from the country by May 10. Indian military personnel were operating three aviation platforms in the island. Nation.Zameer said on Saturday that 76 Indian military personnel were replaced by civilian employees of Hindustan Aeronautics Limited, which manufactured two helicopters gifted by India, thus raising suspense over the exact number of those sent back at Male's insistence. also ended.
However, the Maldivian government has no intention of deporting the doctors in Senahiya to India.
