The Indian government has extended the repayment period for a $50 million Treasury bill obtained through the State Bank of India by an additional year. In a press release, the Indian High Commission in Maldives stated that at the request of the Maldivian government, they have decided to extend the repayment period for the $50 million Treasury bill obtained by the Maldivian government through the State Bank of India. They also mentioned that this extension was granted without any additional interest.
Acknowledging the budget support assistance provided by the Indian government to Maldives, Foreign Minister Dr. Abdulla Khaleel shared a post on social media expressing gratitude to India’s External Affairs Minister Dr. S. Jaishankar and the Indian government.
The Ministry of Foreign Affairs stated that the Indian government provided $50 million in budget support to the Maldivian government by extending the repayment period of the $50 million Treasury bill obtained through SBI for an additional year, starting from May 12, 2025. The ministry highlighted that this generous assistance further demonstrates the long-standing close friendship between the Indian and Maldivian governments.
The Maldivian government acknowledges the generous assistance provided by the Indian government as budget support and specifically notes that this recent aid will provide relief to the ongoing fiscal reform efforts of the Maldivian government. Since March 2019, the Indian government has extended several such Treasury bills through SBI without interest. In addition to postponing the repayment of T-bills, the Indian government has also arranged a currency swap facility to improve Maldives’ reserves.
Among the T-bills sold to SBI, India also postponed the repayment of $50 million that was due last September. That $50 million is now due to be repaid next September.
