India Extends 50 Million Treasury Support to Maldives Amid Economic Challenges
New Delhi-The Government of India has extended its financial support to the Maldives by renewing a50 million treasury bond for an additional year, following a formal request by the Maldivian government. This marks the second such extension in 2024, facilitated by the State Bank of India (SBI), and reaffirms India's commitment to regional stability through its "Neighbourhood First" policy and SAGAR ("Security and Growth for All in the Region") initiative.
Weezharoz-The renewal follows discussions held during Maldivian Foreign Minister Moosa Zameer’s official visit to India between August 9–11, 2024, where he met with Indian External Affairs Minister Dr. S. Jaishankar.
The Maldivian government has expressed deep gratitude for India’s continued support, highlighting its critical role in helping the country navigate a period of stringent fiscal reforms and economic hardship.
The assistance comes in the form of a non-interest-bearing treasury instrument under a unique bilateral agreement, further demonstrating India’s commitment to economic cooperation with its maritime neighbor.
In addition, India has extended the special export quota of essential commodities to the Maldives for another year, underscoring its ongoing support for the island nation’s food and resource security.
Former Maldivian Foreign Minister Abdulla Shahid welcomed the move, describing it as a “symbol of enduring friendship and unwavering support.”
This financial gesture comes as the Maldives grapples with mounting external debt and dwindling foreign reserves.
Experts view India’s support as a key stabilizing measure and a vital element in enhancing bilateral ties between the two nations.
Weezharoz
