Maldives Thanks India for $50 Million Treasury Bill Support Amid Economic Reforms
Maldives Expresses Gratitude for Financial Assistance
On Monday, the Maldives expressed its appreciation to India for providing a $50 million Government Treasury Bill, which is instrumental in the island nation's fiscal reform initiatives aimed at achieving economic stability.
Maldivian Foreign Minister Abdulla Khaleel conveyed his thanks to India's External Affairs Minister S. Jaishankar and the Indian government for this timely financial aid.
In a post on X, Khaleel stated, "I sincerely thank EAM S. Jaishankar and the Government of India for their crucial financial support through the rollover of the $50 million Treasury Bill. This assistance underscores the strong friendship between the Maldives and India and will aid our government's ongoing fiscal reform efforts for economic resilience."
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
According to a press release from the High Commission of India in the Maldives, the State Bank of India (SBI) has agreed to subscribe to the $50 million Treasury Bill for an additional year at the request of the Maldivian government.
Since March 2019, India has facilitated the rollover of several Treasury Bills through SBI, providing interest-free emergency financial assistance to the Maldives under a unique Government-to-Government arrangement.
India views the Maldives as a vital maritime neighbor and a key partner in its 'Neighbourhood First' policy and the Vision 'MAHASAGAR'—Mutual and Holistic Advancement for Security and Growth Across Regions.
The statement further noted, "India has consistently supported the Maldives in times of need, and the subscription of this Treasury Bill, along with the earlier decision to extend a special quota for essential commodity exports to the Maldives, demonstrates India's ongoing commitment to the Maldivian government and its people."
In February, the Ministry of External Affairs allocated Rs 5,483 crore for foreign aid, an increase from last year's Rs 4,883 crore, as announced in the Union Budget for 2025-26.
The Maldives saw the largest increase in assistance, rising from Rs 470 crore in the revised 2024-25 budget to Rs 600 crore in 2025-26.
During a meeting in January, EAM Jaishankar emphasized that the Maldives is a 'concrete expression' of India's 'Neighbourhood First' policy, highlighting India's steadfast support for the Indian Ocean nation, especially in financial matters during challenging periods.
Khaleel acknowledged India's timely emergency financial assistance, recognizing the country as the 'First Responder' for the Maldives.
He reiterated the Maldivian government's commitment to collaborate closely with India to achieve the Joint Vision for a Comprehensive Economic and Maritime Security Partnership.