The Maldivian Foreign Ministry has issued a statement praising India’s support following the recent extension of a $50 million Treasury bill (T-bill) by one year. This extension, facilitated through the State Bank of India (SBI), is the second rollover granted this year, with a similar extension provided in May 2024.
The extension follows a request made by Maldivian Foreign Minister Moosa Zameer during discussions with Indian officials, including Minister of External Affairs Dr S. Jaishankar, who visited the Maldives from 9-11 August 2024.
The Maldivian government expressed its gratitude for India’s continued financial assistance, highlighting that the extension comes at a crucial time as the Maldives is implementing a fiscal consolidation programme to address significant economic challenges. The statement underscored the enduring partnership between the two nations and anticipated continued collaboration for mutual benefit.
The $150 million T-bill was originally issued in 2019 to help the Maldives manage its fiscal needs, with India providing substantial support amid ongoing economic and political challenges in the country.
