India rolls over $50 million treasury bill to aid Maldives
New Delhi: India has extended support to its Southern neighbour, Maldives, by rolling over the $50 million treasury bill that will help keep the economy afloat amid a looming debt crisis.
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Maldives foreign minister
Abdulla Khaleel
expressed gratitude to the Indian government and hailed the timely assistance which "reflects the close bonds of friendship" between the two countries.
Khaleel wrote in a message on X, "I express my sincere gratitude to EAM @DrSJaishankar and the Government of #India for extending crucial financial support to the #Maldives through the rollover of the USD 50 million Treasury Bill. This timely assistance reflects the close bonds of friendship between #Maldives & India and will support the Government's ongoing efforts to implement fiscal reforms for economic resilience."
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The Indian high commission to Maldives noted in a statement, "India extends financial support to the Maldives through the rollover of the USD 50 million Treasury Bill."
According to the statement, after the request by the Government of Maldives, the
State Bank of India
(SBI) has subscribed, for one more year, a USD 50 million Government Treasury Bill issued by the Ministry of Finance of Maldives.
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It was noted that since March 2019, India has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest free to the Government of Maldives. This is a part of the government-to-government arrangement between the two countries that serves as an emergency financial assistance to the neighbour.
The statement also mentioned that India has assisted Maldives in times of need and the subscription of this Treasury Bill, along with the government of India's decision earlier this year to extend the special quota for export of essential commodities for Maldives, reflects India's continued support to the Government and the people of the Maldives.
Maldives is India's key maritime neighbour and an important partner in India's 'Neighbourhood First' policy and Vision 'MAHASAGAR' i.e. Mutual and Holistic Advancement for Security and Growth Across Regions. Maldives is also part of the
Colombo Security Conclave
put together by the Indian NSA.
The island nation's foreign exchange reserves are running thin and debt servicing payments are due in 2025 and 2026, ET had reported in March. Of the current debt, $3.4 billion is external debt, primarily owed to China and India. The immediate concern is servicing external debt worth $600 million in 2025 and $1 billion in 2026, according to people familiar with Maldives' economy.
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