India has extended financial support to the Maldives by rolling over (renewing) a USD 50 million Treasury Bill:
India has extended financial support to the Maldives by rolling over (renewing) a USD 50 million Treasury Bill, under a special government-to-government (G2G) framework that began in 2019. India recognized Maldives in 1965 and established its mission in Malé in 1972. Both are founding members of SAARC and signatories to SAFTA. India and Maldives signed a trade agreement in 1981, boosting bilateral trade. In 2024, India extended USD 400 million in support and a bilateral currency swap of Rs 3,000 crore to the Maldives, reinforcing its economic assistance. Additionally, the SBI rolled over USD 100 million of Treasury Bills for the Maldives. India became the Maldives’ 2nd largest trade partner in 2022 and the largest in 2023. Visa-free entry for Indian business travelers in 2022 further enhanced commercial relations. In 2024, India and the Maldives have finalized a framework to promote the use of local currencies for cross-border trade.
