The situation in Maldives is not improving, India helped when every penny was needed.
Maldives crisis: Playing with India is costing Maldives dearly. Ever since the people of India started boycotting Maldives, Maldives is incurring losses worth crores of rupees every day. Maldives’ revenue is more dependent on tourists and tourism. In such a situation, its earnings are now suffering a huge loss due to the boycott. Maldives repeatedly requests India for help in handling the situation and India has helped the country many times. Once again, India has extended its helping hand to Maldives which is facing an economic crisis.
State Bank of India has subscribed to the $50 million Treasury Bill issued by the Ministry of Finance of Maldives. This subscription is for a period of one year, commencing from 19 September 2024. The subscription of Treasury Bills means that SBI lends money to the Government of Maldives for a fixed period.
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At the request of the Government of Maldives, the State Bank of India (SBI) has subscribed to the Government Treasury Bills (T-bills) worth USD 50 million issued by the Ministry of Finance of Maldives, for a further period of one year from the date of maturity of the previous subscription, pic.twitter.com/waZrT8e72c
— AIN (@ANI) September 19, 2024
SBI has helped before too
Earlier in May 2024, SBI had similarly subscribed to T-bills worth USD 50 million under the same facility at the request of the Government of Maldives. These subscriptions were made at the request of the Government of Maldives for emergency financial assistance.
What are treasury bills?
Treasury bills are short-term debt instruments issued by the government, which the government uses to meet its short-term financial needs. Maldives Foreign Minister Musa Jamir is currently in Sri Lanka. Recently, Jamir stated that the financial problems faced by the country are temporary and there is no need to seek help from the International Monetary Fund (IMF).
