India Pakistan Conflict: Amid tension with Pakistan, India opened its treasury for Maldives, gave aid of Rs 423 crore

News Topical, Digital Desk : Amid tension with Pakistan (India Pakistan Conflict), India has provided a huge amount of aid from its treasury to a Muslim country. Now that there is a ceasefire between India and Pakistan, this aid is in the headlines. Actually, the Government of India has provided assistance to  its maritime neighbor Maldives (India-Maldives relations) by issuing a treasury bill of US $ 50 million (about Rs 423 crore).

Maldives expressed gratitude

After this help, Maldives Foreign Minister Abdullah Khalil has thanked the Indian government. Khalil appreciated the timely assistance and said that it reflects the deep friendship between the two countries. In a statement shared on X, the High Commission of India in Maldives said that India provides financial assistance to Maldives through the rollover of treasury bills worth US$50 million.

SBI issued treasury bill 

• Following a request from the Government of Maldives, State Bank of India has subscribed to Government Treasury Bills of US$ 50 million issued by the Ministry of Finance of Maldives for a further year.
• Let us inform you that since March 2019, India has been facilitating subscription of many such Treasury Bills by SBI and rolling them over to the Government of Maldives annually, interest-free.
• This is part of a two-way arrangement between the two countries that acts as emergency financial assistance to the maritime neighbour.
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Agreement was signed between India and Maldives

Earlier this year, India had signed an agreement with Maldives to enhance the special quota for export of essential commodities to Maldives, reflecting India's continued support to the Government and people of Maldives.

At the request of the Government of Maldives, SBI has subscribed to Government Treasury Bills of US$ 50 million issued by the Ministry of Finance of Maldives for another year. Since March 2019, the Government of India has been facilitating subscription of a number of such Treasury Bills by SBI and handing them over to the Government of Maldives annually, interest-free.

PM had made this announcement during Muizzu's visit to India

During the visit of Maldives President Mohammed Muizzu to India last year, Prime Minister Modi had emphasised on further enhancing India's ties with Maldives under his 'Neighbourhood First' policy and Vision SAGAR.

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