The Government of India has decided to extend the maturity of a USD 50 million Treasury Bill by one year, which was originally due on September 19, 2024. This marks the second rollover granted by the Indian Government this year, following a similar extension on May 13, 2024.
The extension was granted after a request from Maldives' Foreign Minister Moosa Zameer during discussions held between the two governments during the recent visit of India's Minister of External Affairs, Dr. S. Jaishankar, to the Maldives from August 9-11, 2024.
The Government of Maldives has expressed sincere appreciation for the ongoing budgetary support provided by India. It noted that this extension comes at a crucial time as the Maldives implements a robust fiscal consolidation program to address pressing economic challenges.
The Maldives government stated that this extension symbolises the long-standing bilateral ties between the two nations and expressed its commitment to continuing this collaborative partnership for the mutual benefit and prosperity of their peoples.
During this time, Indian media have reported that India remains prepared to assist the Maldives financially. In conjunction with this decision, the President's Office announced that President Dr. Muizzu will be traveling to India in the coming days. Reports indicate that comprehensive discussions regarding financial support will take place during the President's visit.
President Dr. Muizzu had previously made his first official visit to India in June at the invitation of Prime Minister Narendra Modi, where he attended the swearing-in ceremony of the Prime Minister and Council of Ministers of the Government of India.