Minister of Foreign Affairs Abdulla Shahid has stated India has always been a steadfast friend in times of need, and the first to respond to any crisis in the Maldives.
The minister made the remarks at a ceremony held to hand over USD 250 million to the government of the Maldives by India as financial assistance to support the economic challenges arising from the outbreak of the COVID-19 pandemic.
Speaking at the ceremony, foreign minister said while the COVID-19 pandemic forced countries to close down borders and enforce restrictions on movement, India has been exemplary in assisting the Maldives proving that doors of neighboring countries will always be open to one another. The minister said India has once again proven the Maldives-India partnership will be a high priority. He further noted the financial assistance would help to finance a part of the revenue gap caused due to the halt in the tourism sector, and help to meet the immediate financial requirements faced by the government.
At the event held at the Ministry of Foreign Affairs, the symbolic cheque was handed over by the High Commissioner of India Sunjay Sudhir to Foreign Minister Abdulla Shahid. The financial aid was granted in response to an urgent request made by President of Maldives Ibrahim Mohamed Solih to the Prime Minister of India Narendra Modi, to reduce the economic and financial impact due to the outbreak of the COVID-19 pandemic.
The financial support of USD 250 million to the Maldives will be provided through subscription in Maldives’ Government Domestic Treasury bonds by State Bank of India (SBI) in Male’. The financial assistance in the form of Treasury Bond, provided at favourable terms, will provide significant relief for cash flow burden during the COVID-19 crisis.
This is the largest financial support package announced by a bilateral partner during this crisis.