Maldives gets more one year time to pay India’s Treasury Bill

India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year on the Maldivian government's special request, it was announced on Monday.

The State Bank of India has subscribed for one more year to the $50 million Government Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription, the High Commission of India said in a brief statement on Monday.

The Indian government took this decision despite the bilateral ties experiencing turbulence since Maldives President Mohamed Muizzu, a pro-China leader, assumed office six months back.

These Government Treasury Bills are subscribed by SBI under government-to-government, a unique arrangement at zero cost (interest-free) to the Government of Maldives. 

The continuation of subscription has been made at the special request of the Government of Maldives to secure budgetary support from the Government of India, the statement said. 

The Maldivian government on Monday thanked India for its support.