India again defers $50 million in budget support to Maldives
Khaleel stated that the deferral would support the government’s ongoing fiscal reform efforts aimed at stabilising the economy.
India has once again postponed the payment of USD 50 million from its USD 200 million budget support to the Maldives, which was extended during the administration of former President Ibrahim Mohamed Solih.
The support was provided through Treasury bills (T-bills), of which USD 100 million remains outstanding. The repayment is scheduled in two instalments each year. India has previously deferred repayment deadlines for these T-bills.
Foreign Minister Dr Abdulla Khaleel announced on platform X on Monday that India has deferred the payment of USD 50 million. He also expressed appreciation to Indian External Affairs Minister Dr S. Jaishankar for the assistance.
Khaleel stated that the deferral would support the government’s ongoing fiscal reform efforts aimed at stabilising the economy. He also noted that this reflects the ongoing cooperation between the Maldives and India.
The interest on the T-bills is covered by the Government of India through the State Bank of India (SBI). Since the current government came to power, USD 50 million of the support was repaid in January of the previous year. India has also waived USD 50 million of the total USD 200 million extended through SBI.
