In a reaffirmation of its strong bilateral ties, India has extended financial assistance to the Maldives by rolling over a $50 million Treasury Bill. The move, announced by the High Commission of India in the Maldives, underscores New Delhi's continued commitment to supporting its maritime neighbour during times of economic need.
At the request of the Maldivian government, the State Bank of India (SBI) has subscribed to the Treasury Bill issued by the Maldives' Ministry of Finance for an additional year. This interest-free financial arrangement, which has been in place since March 2019, forms part of a unique government-to-government framework between the two countries, offering emergency fiscal support.
The Indian High Commission noted that this initiative is part of India's 'Neighbourhood First' policy and aligns with its Vision 'MAHASAGAR'—Mutual and Holistic Advancement for Security and Growth Across Regions. The financial assistance complements India's earlier decision in 2024 to extend a special export quota of essential commodities to the Maldives.
Maldivian Foreign Minister Abdulla Khaleel expressed appreciation for the continued support, stating, "I express my sincere gratitude to EAM Dr S Jaishankar and the Government of India for the timely rollover of the USD 50 million Treasury Bill. This gesture highlights the close bonds of friendship between Maldives and India and supports our ongoing fiscal reforms for economic resilience."
India and the Maldives have long maintained close ties. During Maldivian President Mohamed Muizzu's visit to India last year, Prime Minister Narendra Modi reiterated India's unwavering support for the Maldives' development priorities under the 'Neighbourhood First' policy.
