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The Print
3 days ago
- Politics
- The Print
Maldives holds ‘very special place' in India's foreign policy: Envoy
The diplomat said Maldives is important to India not because of its strategic geographical location, but because 'we have been neighbours, and we will continue to be neighbours'. In a recent interview with news portal, Balasubramanian expressed hope India and Maldives will always work together for the benefit of the region as a whole. Male, Jun 2 (PTI) Maldives occupies a 'very special place' in New Delhi's foreign policy, not because of its strategic geographical location but because it is India's neighbour, Indian High Commissioner G Balasubramanian has said. 'We are one of the closest partners to Maldives, and so are you for us… for India in its diplomatic outreach, 'Neighbourhood First' is one of its major policies. And in the 'Neighbourhood First Policy', Maldives occupies a very special place,' he said. Balasubramanian said in India, there is a 'complete recognition' of the importance that Maldives has 'in our relationship in our neighbourhood'. India and Maldives are very close to each other both culturally, people-to- people, and contact-wise, he said. 'There are linguistic linkages also and we have always been there, standing shoulder to shoulder with Maldives in the growth that both our countries have witnessed in the past 60 years,' Balasubramanian said. This year marks the 60th anniversary of the establishment of diplomatic relations between India and Maldives. The ties between India and the Maldives came under severe strain after Muizzu, known for his pro-China leanings, took charge of the top office in November 2023. Within hours of his oath, he had demanded the withdrawal of Indian military personnel from his country. Subsequently, the Indian military personnel were replaced by civilians. There was a thaw in the relations as Muizzu vowed to boost the bilateral ties with India during his visit to Delhi in October last year. Affirming India's commitment to the principle of 'Vasudhaiva Kutumbakam', meaning the whole world is one family, Balasubramanian said India wants all countries to grow together peacefully and resolve any differences between each other through negotiations and dialogue only. 'We have been solid partners for many years, many decades together. And our concept is 'Vasudhaiva Kutumbakam'… So we treat all our friends, our neighbourhood, particularly in the Global South, as very important partners to grow together. 'We are happy to share our technology, experiences, and we are happy to come to assistance whenever it is required, whether it is the Indira Gandhi medical hospital that was set up earlier or the various other projects,' the envoy said. Last month, India extended crucial financial support to the Maldives through the rollover of the USD 50 million Treasury Bill for one more year, a move the Maldivian government said will support its ongoing efforts to implement fiscal reforms for economic resilience. India has maintained that the Maldives is its key maritime neighbour and also an important partner in the 'Neighbourhood First' policy and Vision 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions). India has recently signed 13 MoUs with the Maldives for enhancing ferry services in the island nation, with an MVR 100 million grant, expanding maritime connectivity and uplifting community livelihoods. PTI SCY SCY This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Gazette
25-05-2025
- Business
- India Gazette
Maldives Foreign Minister arrives in Delhi, set to attend High Level Core Group meeting
New Delhi [India], May 25 (ANI): Maldives Minister of Foreign Affairs, Abdulla Khaleel, arrived in New Delhi on Sunday for a three-day visit to India. Khaleel will lead the Maldivian delegation at the 2nd High Level Core Group (HLCG) meeting. Ministry of External Affairs spokesperson Randhir Jaiswal extended a warm welcome to Khaleel. In a post on X, Jaiswal stated, 'Implementing the India - Maldives Joint Vision of a 'Comprehensive Economic & Maritime Security Partnership'. Warm welcome to FM @abkhaleel of Maldives to India. FM Dr. Khaleel will lead the Maldivian delegation at the 2nd High Level Core Group (HLCG) meeting which oversees implementation of the Joint Vision.' Earlier this month, the Centre extended support to India's maritime neighbour, Maldives by rolling over the USD 50 Million treasury bill. Khaleel had expressed gratitude to the Indian government and hailed the timely assistance which 'reflects the close bonds of friendship' between the two countries. In the statement shared on X, the High Commision of India to Maldives said, '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. It was noted that since March 2019, India has been facilitating the 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 unique government-to-government arrangement between the two countries that serves as emergency financial assistance to the maritime neighbour. Extending gratitude to the Indian Government, Khaleel in a post on X stated, '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.' (ANI)
Time of India
12-05-2025
- Business
- Time of India
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. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare 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." 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 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. Live Events 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.
Time of India
12-05-2025
- Business
- Time of India
India extends financial support to Maldives via rollover of $50 million Treasury Bill
India extends financial support to Maldives via rollover of $50 million Treasury Bill India has extended financial support to the Maldives by renewing a USD 50 million Treasury Bill for another year through the State Bank of India (SBI), in a move aimed at bolstering the Maldivian government's economic reform and resilience efforts, as announced on Monday. This assistance is part of a special government-to-government arrangement, under which the Indian government enables SBI to subscribe to the Treasury Bills without charging interest. This initiative, which began in March 2019, has been renewed annually as a form of emergency financial aid at the request of the Maldivian Ministry of Finance. India's support beyond financial assistance The Maldives holds strategic importance as India's key maritime neighbor and partner in its 'Neighbourhood First' policy and Vision 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions). India's support extends beyond financial assistance, including the earlier decision this year to extend the special quota for essential commodities exports to the Maldives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like AI guru Andrew Ng recommends: Read These 5 Books And Turn Your Life Around in 2025 Blinkist: Andrew Ng's Reading List Undo Stronger India-Maldivian ties The financial support through Treasury Bill subscription and the extension of essential commodities quota reflects India's ongoing commitment to supporting the Maldivian government and its people. "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," said Abdulla Khaleel, the Maldives' Minister of Foreign Affairs. "This has been done under a unique Government-to-Government arrangement, as emergency financial assistance to the Maldives," the Indian High Commission in the Maldives stated. The Treasury Bills rollover process involves reinvesting proceeds from a maturing T-bill into a new one, effectively extending the investment term. India's continued assistance to the Maldives during times of need demonstrates the strong bilateral relationship between the two nations, as emphasized by both governments.
NDTV
12-05-2025
- Business
- NDTV
"Reflects Close Bonds": Maldives As India Extends Financial Support
Male: India has extended crucial financial support to the Maldives through the rollover of the USD 50 million Treasury Bill for one more year, a move the Maldivian government said will support its ongoing efforts to implement fiscal reforms for economic resilience. At the request of the Maldivian government, 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, the Indian High Commission in the Maldives said in a statement on Monday. Since March 2019, the Indian government has been facilitating subscription of several such Treasury Bills by the SBI and rolling them over, annually, interest-free to the Government of Maldives, it said. "This has been done under a unique Government-to-Government arrangement, as emergency financial assistance to the Maldives," the statement said. The 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, the statement said. India has assisted the 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 the Maldives, reflect India's continued support to the Government and the people of the Maldives, it added. Abdulla Khaleel, the Maldives' Minister of Foreign Affairs, expressed gratitude to India and External Affairs Minister S Jaishankar for extending crucial financial support to his country. "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," he said. 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 &… — Abdulla Khaleel (@abkhaleel) May 12, 2025 Treasury Bills (T-bills) "rollover" refers to the practice of reinvesting the proceeds from a maturing T-bill into a new T-bill, effectively extending the investment term.
