Male: India has extended the US$50 million government bond of Maldives as emergency financial assistance for another year, the Indian High Commission said on Thursday. The repayment deadline for the US$50 million Treasury Bill (T-Bill) has been extended once again “at the request of the Maldives government”, the Indian High Commission said in a statement.
“The Government of India has been providing Maldives with the facility to subscribe to a number of such Treasury Bills through the State Bank of India (SBI) since March 2019 and extending them annually, interest-free,” the statement said. “On the request of the Government of Maldives, the State Bank of India (SBI) has taken over the Government Treasury Bill of US$ 50 million issued by the Ministry of Finance of Maldives for another year,” the statement said. The last date for repayment was Thursday.
India-Maldives relations have historically been strong, based on cultural, economic, and strategic cooperation. However, these have seen some ups and downs due to the Maldives’ recent China-centric stance. India is the Maldives’ closest partner and plays a vital role in maintaining peace and stability in the Indian Ocean region. Relations experienced some strain after Mohamed Muizzu became president, but have since improved significantly.
