Maldives Appreciates India's Crucial Budgetary Support as Generous Gesture

Photo : PTI

Maldives Foreign Minister Moosa Zameer expressed gratitude to Indian External Affairs Minister S. Jaishankar following India’s extension of budgetary support to the Maldives through the rollover of a USD 50 million Treasury Bill. Zameer emphasized that this action exemplifies the "enduring bonds of friendship" between the two nations.

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In a post on X, he thanked Jaishankar and the Indian government, stating, “Sincere gratitude for extending crucial budgetary support to the Maldives with the rollover of USD 50 million Treasury Bill. This generous gesture reflects the enduring bonds of friendship between Maldives and India.”

At the Maldivian government’s request, the State Bank of India (SBI) has subscribed to the USD 50 million Treasury Bills issued by the Maldives’ Ministry of Finance for an additional year, following the previous subscription’s maturity on September 19. This marks the second rollover granted by India this year, the first occurring on May 13.

The Indian High Commission in the Maldives noted that the Maldivian government is “highly appreciative” of this support, which was requested by Zameer during his August meeting with Jaishankar. The Ministry of Foreign Affairs of the Maldives highlighted the significance of this decision, stating that it comes at a critical time as the Maldives implements a fiscal consolidation program to address economic challenges.

The press release further conveyed that India has demonstrated the value it places on its enduring partnership with the Maldives. The Indian High Commission reiterated that the Maldives is a key maritime neighbor and an important partner under India’s 'Neighbourhood First' policy.

Additionally, India has provided essential commodities to the Maldives and supported its financial needs during emergencies. The SBI had previously subscribed to a similar USD 50 million Treasury Bill at the Maldives government's request in May 2024.

Ties between India and the Maldives faced strain following the election of President Mohamed Muizzu, who initially demanded the removal of Indian military personnel. However, recent efforts by Muizzu’s government have aimed to mend relations, including high-level visits to India by Maldivian officials and a reconciliatory tone in diplomatic communications.

During Jaishankar's recent visit to the Maldives in August, he signed MoUs on capacity building and inaugurated six High Impact Community Development Projects (HICDPs), reaffirming the commitment to strengthen bilateral ties.

Sept. 20, 2024 2:46 p.m. 439

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