May 13th 2024.
Male: India has made a kind gesture by agreeing to provide financial support to the Maldives for another year. This decision was announced on Monday, in response to a special request from the Maldivian government. The State Bank of India will be subscribing to a $50 million Government Treasury Bill, as part of a unique government-to-government arrangement at no cost to the Maldives.
Despite experiencing some difficulties in their bilateral ties, India has chosen to extend their support to the Maldives. This comes as President Mohamed Muizzu, who has ties with China, took office six months ago. The Indian government's decision to continue their subscription to the Government Treasury Bills is a show of goodwill towards the Maldives and signifies the strong friendship between the two nations.
The State Bank of India has been subscribing to these treasury bills at zero cost to the Maldives government, meaning that the Maldives does not incur any interest expenses on the borrowed amount. The first treasury bill has already been repaid in January 2024, while the second one is set to mature in May 2024. In response to a special request from the Maldives, SBI has decided to extend their subscription for another year. The third treasury bill is due to mature in September.
The Maldivian government has expressed their gratitude towards India for their support, as Foreign Minister Moosa Zameer thanked Indian External Affairs Minister Dr S Jaishankar on Twitter. The Government of India has provided budgetary support of $50 million to the Maldives, and this has been extended through a rollover of the Treasury Bill. This decision was made following a request from the Maldives during a bilateral visit to India.
The Maldives Foreign Ministry has also issued a statement, expressing their appreciation for the generosity of the Indian government and their commitment to continue this partnership for the mutual benefit and prosperity of both nations. During the official visit, significant progress was made in expediting India-assisted projects in the Maldives, and the government remains committed to completing these projects.
This announcement comes at a time when there has been a strain in the relationship between India and the Maldives, with the Maldivian government requesting the withdrawal of Indian military personnel from the country. However, the Maldives has clarified that they have no intention of removing Indian doctors from Senahiya. With this decision, India has once again shown their support and friendship towards the Maldives.
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