India Extends $50 Million Treasury Bill for Maldives Amid Economic Restructuring

India has rolled over a $50 million Treasury Bill for the Maldives for an additional year at the request of the Maldivian government. This gesture is part of India's continued financial support during the Maldives' economic consolidation. Despite initial tensions under President Muizzu's administration, the two nations have made strides to reconcile their relationship.

In a significant act of goodwill, India has opted to extend the maturity date of a $50 million Treasury Bill for the Maldives for an additional year. The decision came after a request from the Maldivian government and marks continued financial support during critical economic restructuring.

The Treasury Bill was initially bought by the State Bank of India (SBI) under an agreement with the previous Maldivian administration, contributing over $200 million in total. While Maldives has already repaid $50 million this January, it requested an extension on the remaining debt, which India agreed to in installments.

This gesture reflects an effort to mend the India-Maldives relationship, which saw strains following President Mohamed Muizzu's assumption of office. Muizzu, known for his pro-China stance, initially demanded the withdrawal of Indian military personnel but later settled misunderstandings through diplomatic channels.

(With inputs from agencies.)