The Indian government has deferred the repayment of a USD 50 million T-bill due this month, which the Maldivian government had sold to the State Bank of India (SBI).

This is part of the USD 200 million borrowed for budget support through SBI by former President Ibrahim Mohamed Solih's government in 2019. Of this, USD100 million remains unpaid. Out of that, USD 50 million was due in May this year, which the Indian government had extended for one year.

India has now deferred the remaining USD 50 million due by the end of this month. This USD 50 million T-bill was due today. Yesterday, Finance Minister Moosa Zameer and Indian Ambassador to the Maldives G. Balasubramanian met at the Finance Ministry to discuss this T-bill.

In a press release today, the Indian High Commission said that the Maldivian government and SBI have agreed to extend the repayment period of this USD 50 million T-bill by another year.

The High Commission said that the Indian government has been providing such assistance to the Maldivian government since 2019.

India stated that the Maldives is an important partner in the Indian Ocean region and in India's Neighborhood First policy and vision for the Indian Ocean.

The Indian High Commission noted that they have provided assistance to the Maldives previously when needed. They mentioned that earlier this year as well, they had extended the repayment period for T-bills.