News Desk
MALE’ — The State Bank of India (SBI) has stepped in once again to support the Maldives during a time of financial hardship by subscribing to a $50 million government treasury bill, following a direct request from the Maldivian government. This extension of support, issued by the Ministry of Finance of Maldives, will cover a period of one more year, from the maturity date of the previous subscription on September 19, 2024.
This isn’t the first time India has thrown a financial lifeline to its maritime neighbor. In May 2024, SBI had already subscribed to a similar $50 million treasury bill under the same mechanism, also at the request of Maldivian authorities. These funds are part of a series of emergency financial measures aimed at stabilizing the Maldives’ economy, which has faced significant challenges over the past year.
India’s intervention goes beyond just financial aid. The country has long been an important partner for the Maldives, and its continued support is deeply tied to its “Neighbourhood First” policy. Under this framework, India’s Vision SAGAR (Security and Growth for All in the Region) has positioned it as a key player in ensuring economic stability for the island nation.
In addition to the treasury bill subscription, India had earlier extended a special export quota for essential commodities to the Maldives, further underscoring the depth of this partnership. The continued financial assistance and commodity support reflect India’s ongoing commitment to the government and the people of the Maldives, offering crucial relief as the island nation navigates through difficult economic times.
