India to Extend Budgetary Support of $50 Million to Maldives

During the latest visit by the foreign minister of the Maldives, Moosa Zameer, India is to extend the budget support of a 50 million dollar treasury bill for another year to the island country. This support of $50 million will be subscribed by the State Bank of India for one more year upon maturity of the previous subscription.

The latest $50 million donation signifies India’s Neighborhood First policy and its commitment to assisting the Maldives’ economic revival. It also highlights the close bilateral ties between the two nations and India’s position as a leading development partner for the Maldives.

“The government of India’s decision to roll over the T-Bill came following a request to India’s External Affairs Minister Jaishankar made by foreign minister Moosa Zameer’s official bilateral visit to India from 8-10 May 2024. The government of Maldives is highly appreciative of the generous support that the government of India has been providing in the form of budgetary support,” said the Maldives Government in a statement.

This support of $50 million will help the island country create a number of infrastructural development projects with the assistance of India, as it was a significant part of granting the assistance.

“The Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of their people,” said the Maldivian government in a statement.