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In response to a request from the Government of Maldives, India has provided financial assistance of USD 100 million as budgetary support to tide over the difficult economic situation in the Maldives.
A handover ceremony was held yesterday at the Ministry of Foreign Affairs 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) Male, Dorababu Daparti. Also, External Affairs Minister (EAM) Dr. Jaishankar joined the ceremony virtually.
Speaking at the occasion, EAM Dr. Jaishankar expressed that the financial assistance will help Maldives channelize the energies towards a rapid economic growth. He also noted with satisfaction that “India’s ‘Neighbourhood First’ and Maldives ‘India First’ policies have worked in concert to deliver a partnership that is as solid as it is special, which always produces results, especially in the face of daunting challenges and above all one that responds to the wishes, aspirations and priorities of our peoples.
Speaking at the ceremony, Foreign Minister Abdulla Shahid remarked that whenever Maldives needs assistance , India is always the first on the scene; the first to extend support.
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.
Moreover, the financial assistance is being provided through a Treasury Bond sale to the SBI, Male. The budgetary support of USD 100 million is extended without conditions; the Government of Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities. The Government of India has provided a sovereign guarantee to SBI for this financial assistance.
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