The Indian government has decided to rollover a USD 50 million Treasury Bill for an additional year upon the request of the Maldives government.

According to a press release from the Foreign Ministry the rollover is granted through the State Bank of India (SBI) in Male’ from May 13, 2024.

"Government of India’s decision to rollover the T-Bill came following a request to that effect made by Foreign Minister Moosa Zameer to India’s External Affairs Minister Dr. S. Jaishankar, during the official bilateral visit to India from 8-10 May 2024," the press release stated.

Zameer earlier said the Indian government was asked to extend the repayment period of USD 150 million owed from USD 200 million loaned as budget support in 2019.

The Maldives government repaid USD 50 from the USD 200 loan in January this year and the government has been working towards debt relief or easier repayment options in talks with creditors.

"The Government of Maldives is highly appreciative of the generous support that Government of India has been providing to the Maldives in the form of budgetary support," the Foreign Ministry press release said.

The government is working to rollover repayment of loans taken from other countries including China. China has agreed to negotiations for loans taken through its Export-Import Bank.