In a significant move to bolster bilateral relations, the Bharatiya government has granted substantial budget support to the Maldives, extending a USD 50 million Treasury Bill for an additional year.
This extension comes at the special request of the Maldivian Foreign Minister, Moosa Zameer, highlighting the strong ties between the two countries.
Under a unique Government-to-Government arrangement, the State Bank of India has subscribed to the Government Treasury Bill issued by the Ministry of Finance of Maldives. Notably, this arrangement comes at zero cost, meaning interest-free, to the Government of Maldives.
The Indian High Commission in Maldives emphasized the importance of this support in a statement, indicating Bharat’s commitment to aiding its neighbor during economic challenges.
I thank EAM @DrSJaishankar and the Government of #India for extending vital budgetary support to 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. @HCIMaldives… https://t.co/MKeUbs6C0e
— Moosa Zameer (@MoosaZameer) May 13, 2024
The decision to roll over the Treasury Bill was made following Minister Zameer’s request during his recent official visit to Bharat. This gesture underscores Bharat’s willingness to assist the Maldives in maintaining financial stability and meeting its budgetary requirements.
The Maldivian Foreign Ministry expressed gratitude towards Bharat for its continued support, recognizing the significance of such assistance in facilitating developmental projects within the country.
Additionally, Bharat’s contribution to the Maldives extends to various infrastructural and community development projects. These initiatives, backed by grant assistance, aim to enhance the socio-economic landscape of the Maldives and improve the well-being of its citizens.
The Maldivian government lauded Bharat’s involvement in these projects, emphasizing the positive impact they have on the nation’s progress and prosperity.
Looking ahead, both countries are committed to fostering a collaborative partnership for the mutual benefit of their people. The Maldivian government affirmed its dedication to strengthening ties with India and reiterated its commitment to continued cooperation in various sectors.
This reaffirms the enduring friendship and strategic alliance between Bharat and the Maldives, poised to bring about further growth and development in the region.
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