India has reaffirmed its commitment to supporting the Maldives by rolling over a USD 50 million Treasury Bill for another year, a move facilitated through the State Bank of India (SBI) at the request of the Maldivian government.

This financial assistance, announced on May 12, 2025, is part of a unique government-to-government arrangement that has been in place since March 2019. Under this initiative, SBI subscribes to Maldivian government Treasury Bills and rolls them over annually, providing the funds interest-free as emergency financial support during periods of fiscal stress for the Maldives.

The rollover of the Treasury Bill is not only a financial gesture but also a diplomatic one, symbolizing the close bonds of friendship and cooperation between the two countries. Maldivian Foreign Minister Abdulla Khaleel expressed deep gratitude to India, emphasizing that this timely assistance will bolster the Maldivian government’s ongoing efforts to implement fiscal reforms and enhance economic resilience.

The arrangement is seen as a vital component of India’s ‘Neighbourhood First’ policy and its Vision ‘MAHASAGAR’ (Mutual and Holistic Advancement for Security and Growth Across Regions), which prioritise the stability and prosperity of key maritime neighbours like the Maldives.

Beyond the Treasury Bill, India’s support to the Maldives includes extending special quotas for the export of essential commodities, further underlining its commitment to the welfare of the Maldivian people and the strength of bilateral ties. The repeated rollovers and interest-free nature of the support highlight India’s readiness to assist the Maldives in times of need, reinforcing the enduring partnership between the two nations.

This financial arrangement demonstrates India’s unwavering support for the Maldives’ developmental priorities and economic stability, ensuring that the island nation has the fiscal space needed to pursue reforms and maintain resilience in the face of economic challenges.

ANI