Malé, Maldives – India has given Maldives USD 100 million loan as budgetary support through a Treasury Bond sale to the State Bank of India branch in Malé, Maldives.
According to India, the financial assistance of USD 100 million budgetary support was given to tide over the difficult economic situation in the Maldives.
A handover ceremony was held today at the Ministry of Foreign Affairs, Government of Maldives to mark the occasion in the presence of Foreign Minister Abdulla Shahid, Finance Minister Ibrahim Ameer, High Commissioner Munu Mahawar and CEO, State Bank of India (SBI) Malé, Dorababu Daparti. External Affairs Minister (EAM) Dr. Jaishankar joined the ceremony virtually.
According to authorities, the request for the USD 100 million budgetary support followed discussions held between President Ibrahim Mohamed Solih and Prime Minister Narendra Modi, during the former’s visit to India in August 2022.
While Government of India has provided a sovereign guarantee to SBI, the budgetary support of USD 100 million is extended without conditions and the Government of Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities.