In May 2024, SBI had similarly subscribed to $50 million in Maldivian treasury bills under the same mechanism, as part of its ongoing financial support to the island nation. These subscriptions are part of broader efforts to bolster the Maldives’ economic stability.
#NewsFlash | #SBI has subscribed the $50 m government Treasury Bills issued by #MaldivesGovernment for one more year.
Earlier subscription matures on September 19, 2024, in May 2024 SBI had similarly taken a subscription for a $50 m T Bill under the same mechanism pic.twitter.com/oS1NWYGhcm— CNBC-TV18 (@CNBCTV18Live) September 19, 2024
India regards Maldives as a key maritime neighbour and an important partner under the country’s ‘Neighbourhood First’ policy and Vision Sagar.
Earlier on Wednesday, Maldives Education, Labour & Skills Minister Ahmed Shafeeu had said that India remains a major partner for Maldives and also a major contributor to the development, especially in the education sector. He was addressing education and skilling resources exhibition and conference DIDAC INDIA in New Delhi.
India-Maldives relations under President Muizzu
India-Maldives ties were under strain after President Mohammad Muizzu-led government’s campaign to remove a small contingent of Indian troops from the Maldives.
After talks between the two sides, the Indian military personnel were replaced by civilians.
Things further went downhill after three Maldivian deputy ministers made controversial remarks regarding India and Prime Minister Narendra Modi on social media.
Maldives Foreign Ministry distanced itself from their remarks, and the three junior ministers were suspended.
Unlike his predecessors, who made the first port of call to New Delhi after assuming office, Muizzu travelled to Turkiye first and to China for his first state visit in January.
He visited New Delhi on June 9 to attend Prime Minister Modi’s swearing-in ceremony.
First Published: Sept 19, 2024 9:16 PM IST