The Government of India has granted a one year extension on the repayment of the third USD 50 million Treasury Bill as well.
The Government of India has granted a one year extension on the repayment of the third USD 50 million Treasury Bill as well.
In 2019, former President Ibrahim Mohamed Solih's administration had sought USD 200 million as budget support through the State Bank of India.
Of this, USD 50 million was a grant, with the remaining funds being split into three T-bills of USD 50 million each.
Last January, the first T-bill of USD 50 million (MVR 770 million) was repaid by the government.
The second T-bill had been due in May this year, but the Indian government granted a one year extension.
The final T-bill matured on 19 September.
A statement by the Ministry of Foreign Affairs issued tonight states that this T-bill has also been granted a one year extension by the Government of India.
"This is the second rollover granted by the Indian Government this year, following the first rollover of a USD 50 million Treasury Bill on 13 May 2024," the statement reads.
The ministry said that this extension was granted in response to a request from Foreign Minister Moosa Zameer during the recent visit in August of India's Minister of External Affairs Dr S Jaishankar to the Maldives.
"The Government of Maldives is highly appreciative of the generous support that the Government of India has been providing to the Maldives in the form of budgetary support. This extension comes at a pivotal moment as the Government of Maldives is implementing a strong fiscal consolidation program to address the pressing economic challenges," the ministry said.
It was also recently announced that President Dr Mohamed Muizzu will be making an official visit to India in the near future.
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