India has extended financial support to the Maldives by renewing a USD 50 million Government Treasury Bill for an additional year, following a request by the Maldivian Government.

According to a press release issued by the High Commission of India to Maldives, the State Bank of India (SBI) has subscribed to the Treasury Bill, originally issued by the Ministry of Finance and Planning, extending its maturity date without incurring interest. The arrangement has been renewed annually since March 2019 as part of a Government-to-Government agreement.

The Indian Government described the support as financial assistance provided under its “Neighbourhood First” policy, which focuses on strengthening regional partnerships.

In response to the financial support, Minister of Foreign Affairs Dr Abdulla Khaleel thanked India’s External Affairs Minister Dr S. Jaishankar and the Government of India, describing the renewal as a vital show of support and a reflection of the close ties between the two countries.

The Treasury Bill being rolled over is one of three USD 50 million bills subscribed by India during the administration of former President Ibrahim Mohamed Solih. One of the three was repaid by the current Administration in January 2024, while the remaining support has continued through renewals such as the latest rollover.