State Bank of India extends USD 50 million Treasury Bill for Maldives
Earlier this year, in May 2024, SBI subscribed to another USD 50 million T-Bill under a similar arrangement, also at the request of the Maldivian Government.
Sputnik India
The High Commission of India in the Maldives has announced that the State Bank of India (SBI) has extended its subscription to a USD 50 million Government Treasury Bill (T-Bill) issued by the Maldivian Ministry of Finance for an additional year. This extension, granted at the request of the Government of the Maldives, follows the maturity of the original T-Bill on 19th September 2024.
This is not the first instance of such financial support. Earlier this year, in May 2024, SBI subscribed to another USD 50 million T-Bill under a similar arrangement, also at the request of the Maldivian Government. These actions were driven by the country's urgent need for financial assistance to manage its ongoing debt obligations.
The Government of the Maldives has been navigating a challenging financial landscape, seeking measures to stabilize the country's economy. The extension of the T-Bill repayment by SBI is part of a broader framework of support provided by India to help ensure economic stability in the Maldives.
While the Maldives has sought extensions for its T-Bill repayments this year, it is worth noting that the country successfully repaid USD 50 million in January 2023 for a previous T-Bill. However, with the second T-Bill maturing in May 2024, the Government requested a one-year extension, followed by a similar request for the final T-Bill maturing in September 2024.
The support from SBI highlights India's continued commitment to assisting the Maldives during its financial recovery, providing critical relief as the country works towards long-term economic stability.
