The Indian government has approved the roll-over of a USD 50 million Treasury Bill subscribed by the State Bank of India (SBI), following its maturity on 18 September. The decision was confirmed during high-level discussions held in Malé on Wednesday between delegations from both countries.
The Maldivian side was led by Finance Minister Moosa Zameer, while the Indian delegation was headed by High Commissioner G. Balasubramanian.
In a statement, the Finance Ministry said the roll-over underscores India’s continued confidence in the Maldives and reflects the robust financial support extended by the Indian government. The Ministry added that discussions also focused on development projects financed under India’s Lines of Credit, with both sides reviewing progress, identifying challenges, and agreeing on measures to ensure timely completion.
Talks further explored ways to expand bilateral trade, with both parties expressing commitment to increasing economic cooperation and boosting trade volumes between the two countries.
The roll-over comes at a time when the Maldives faces mounting fiscal pressures, with around USD 500 million in debt repayments due this year and a further USD 1 billion next year.
It follows the extension of another USD 50 million T-Bill in May this year. During former President Ibrahim Mohamed Solih’s administration, SBI subscribed to three USD 50 million T-Bills issued by the Maldivian government. One of these was repaid by the current administration in January 2024.
The Ministry said both sides reaffirmed their commitment to the long-standing partnership, noting that the cooperation reflects a shared vision for mutual development and prosperity.
