India provides Support to Maldives, SBI subscribed $50 million Treasury Bills

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India has decided to extend vital budgetary support to the government of Maldives as a goodwill gesture. The State Bank of India (SBI) has subscribed to a USD 50 million Government Treasury Bill for another year, upon the request of the Maldivian government. This decision was made despite the turbulence in bilateral ties between the two countries since Maldives President Mohamed Muizzu, who has pro-China leanings, assumed office six months ago.

The Government Treasury Bills are subscribed to by SBI under a unique government-to-government arrangement, with zero cost (interest-free) to the Maldivian government. The continuation of subscription was made at the special request of the Maldivian government to secure budgetary support from India.

The Maldivian government expressed its gratitude to India for its support. The Foreign Minister, Moosa Zameer, thanked India on Twitter and highlighted the gesture as a sign of the longstanding friendship between Maldives and India.

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The support provided by the Government of India to the Maldives amounts to USD 50 million, in the form of a rollover of the Treasury Bill for an additional year. The Maldivian Foreign Ministry stated that this decision was made following a request made by Foreign Minister Zameer to India’s External Affairs Minister, Dr. S Jaishankar, during an official bilateral visit to India.

The Government of Maldives appreciates the generous support provided by India, which includes both grant assistance and assistance in the form of infrastructural and community developmental projects. The Maldivian government looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of the people.

During the official visit, significant progress was made in expediting India-assisted projects in the Maldives. The government reiterated its commitment to prioritize the resumption and completion of these projects.

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The bilateral ties between India and Maldives have faced challenges since President Muizzu took office and asked India to withdraw some Indian military personnel from the country. However, 76 Indian military personnel were replaced by civilian employees of Hindustan Aeronautics Limited, which manufactured the helicopters gifted by India. The Maldivian government has no intention of removing Indian doctors from Senahiya.

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  1. Our Govt should not have extended the support after the debacle. It should have been made to learn a lesson for unnecessarily commenting badly on India.

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