India Maldives Relations: Officials to review community development projects funding by Indian grant

Indian High Commissioner and Maldives Ambassador co-chaired a review meeting on grant-funded community projects. India supports 65 projects worth MVR 360 million in Maldives.

Livemint
First Published27 May 2024, 07:29 AM IST
Earlier on May 13, the Indian government provided a budget support to Maldives in the form of a rollover of USD 50 million Treasury Bill, for an additional year at the request of Maldivian Foreign Minister Moosa Zameer.
Earlier on May 13, the Indian government provided a budget support to Maldives in the form of a rollover of USD 50 million Treasury Bill, for an additional year at the request of Maldivian Foreign Minister Moosa Zameer.(Hindustan Times)

Indian High Commissioner to Maldives, Munu Mahawar, and Ahmed Naseer, Ambassador at Large for the Maldives Ministry of Foreign Affairs, co-chaired the India-Maldives Review meeting. The officials reviewed Indian grant-funded high-impact community development projects in the Maldives.

According to the Indian High Commission in the Maldives, India is supporting 65 community development projects in the Maldives, valued at MVR 360 million.

In a post shared on social media platform X (formerly known as Twitter), the Indian High Commission stated, “India Maldives Review meeting co-chaired by HE Ahmed Naseer, Amb-at-large @MoFAmv and @AmbMunu to take stock of Indian grant-funded high impact community development projects #HICDP. India is supporting implementation of 65 community development projects worth MVR 360 million in Maldives.”

Budget Support Extension

On May 13, the Indian government extended budget support to the Maldives by rolling over a $50 million Treasury Bill for an additional year, at the request of Maldivian Foreign Minister Moosa Zameer.

The Indian High Commission in the Maldives stated, “State Bank of India has subscribed for one more year the $50 million Government Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous subscription. These Government Treasury Bills are subscribed by SBI under by SBI under a unique Government-to-Government arrangement at zero-cost (interest-free) to the Government of Maldives.”

“The continuation of subscription has been made at the special request of the Government of Maldives to secure budgetary support from the Government of India,” the statement added.

The Maldivian Foreign Ministry said that the rollover of the T-Bill came after Foreign Minister Moosa Zameer requested it from Indian External Affairs Minister S Jaishankar during his visit to India earlier this month. The Maldives Ministry of Foreign Affairs appreciated the Indian government's budgetary support.

Expression of Gratitude

Zameer thanked EAM Jaishankar for India's budgetary support through the rollover of the $50 million Treasury Bill.

In a post on X, the Maldivian Foreign Minister wrote, “I thank EAM @DrSJaishankar and the Government of India for extending vital budgetary support to Maldives with the rollover of $50 million Treasury Bill. This is a true gesture of goodwill which signifies the longstanding friendship between Maldives and India. @HCIMaldives @MEAIndia.”

(With inputs from ANI)

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First Published:27 May 2024, 07:29 AM IST
HomeNewsworldIndia Maldives Relations: Officials to review community development projects funding by Indian grant

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