Maldives government thanked India for extending budgetary support
India has chosen to provide the Maldives government with vital fiscal assistance as a goodwill gesture by rolling over a USD 50 million Treasury Bill for another year, according to a report released on Monday.
Following the maturity of the previous subscription, the State Bank of India extended its subscription to the USD 50 million Government Treasury Bill issued by the Maldives Ministry of Finance for another year, according to a brief statement published by the High Commission on Monday.
The decision was made by the Indian government notwithstanding the stormy bilateral relations that have existed since pro-China Maldives President Mohamed Muizzu assumed office six months ago.
The decision was made by the Indian government notwithstanding the stormy bilateral relations that have existed since pro-China Maldives President Mohamed Muizzu assumed office six months ago.
SBI subscribes to these Government Treasury Bills on a government-to-government basis, offering the Maldives government a special arrangement at no cost (interest-free).
According to the statement, the Maldives administration made an explicit request to continue subscription in order to receive fiscal support from the Indian government.
On Monday, the Maldivian government expressed appreciation to India for its assistance.
“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,” Foreign Minister Moosa Zameer tweeted.
The Indian government has granted USD 50 million in fiscal support to the Maldives. The assistance came in the form of an additional year’s rollover of USD 50 million Treasury Bills through the State Bank of India, Male’, beginning May 13, 2024, according to a statement from the Maldivian Foreign Ministry.
“The government of India’s decision to rollover the T-Bill followed a request to that effect made by Foreign Minister Moosa Zameer to India’s External Affairs Minister Dr S Jaishankar during the official bilateral visit to India from May 8-10,” the statement stated.
Maldives’ government is grateful:
The Maldives’ government is grateful for the considerable budgetary help provided by the Indian government. A huge number of infrastructural development projects and High Impact Community Developmental initiatives are currently underway with Government of India assistance, the majority of which is in the form of grants, according to the statement.
The Maldivian government expressed its desire to continue this constructive collaboration for the mutual benefit and development of their people.
After returning from his visit, Zameer stated that great progress has been made in accelerating India-assisted projects in the Maldives, emphasizing the government’s commitment to prioritising the resumption and completion of these projects.
It comes amid a deterioration in bilateral relations between the two countries since President Muizzu took office in November and immediately asked India to evacuate approximately 89 Indian military personnel from the country by May 10. The Indian military was operating three air platforms on the island nation.
Zameer announced on Saturday that 76 Indian military personnel were replaced by civilian employees of Hindustan Aeronautics Limited, which constructed the two helicopters provided by India, putting an end to speculation about the exact number of those returned at Male’s demand.
However, the Maldives government has no plans to deport the doctors from India to Senahiya.
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