India has renewed a USD 50 million Treasury Bill issued by the Maldivian government for another year as reported to PTI. The rollover was facilitated through the State Bank of India (SBI) following a request from the Government of Maldives.
According to the Indian High Commission in the Maldives, the Treasury Bill was issued by the Ministry of Finance of Maldives and subscribed to by SBI under an interest-free, Government-to-Government arrangement. This financial assistance mechanism has been in place since March 2019, with India annually subscribing to and rolling over similar Treasury Bills.
Accordin to ANI, Maldivian Minister of Foreign Affairs Abdulla Khaleel acknowledged the extension on social media and thanked India's External Affairs Minister Dr. S. Jaishankar and the Government of India for the support. He stated that the assistance will help the Maldives in its ongoing fiscal reform efforts.
The rollover of Treasury Bills involves reinvesting the funds from a maturing bill into a new one, thereby extending the term of the investment without altering the principal.
The High Commission's statement also noted that the initiative aligns with India바카라™s support for the Maldives under its 'Neighbourhood First' policy and Vision 'MAHASAGAR' (Mutual and Holistic Advancement for Security and Growth Across Regions).
Earlier this year, according to reports by The Hindu, India had also extended a special quota for the export of essential commodities to the Maldives.
