Budgetary Support
SBI subscribes to $50 mln of Treasury bills issued by Maldives
This story was originally published at 21:30 IST on 20 September 2024
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NEW DELHI – The State Bank of India has subscribed to $50 mln of Treasury bills issued by the Maldives for one more year, India's high commission in the island nation said in a post on social-media platform X on Thursday.
The Indian lender subscribed to the T-bills at the request of the Maldivian government, the high commission said. SBI had similarly subscribed to $50 mln of T-bills in May at the request of the government of the Maldives as emergency financial assistance.
"This subscription of T-bill has been made at zero-cost (interest free) to the Government of Maldives," the high commission said.
Maldivian Foreign Affairs Minister Moosa Zameer thanked India's External Affairs Minister S. Jaishankar and the government for "extending crucial budgetary support to the Maldives" by subscribing to the T-bills.
According to media reports, India’s decision to help Maldives comes amidst investors' concerns over Male's ability to fund upcoming Islamic bond payments. Today, shares of SBI ended 1.0% lower at 781.70 rupees on the National Stock Exchange. End
US$1 = 83.56 rupees
Reported by Shubham Rana
Edited by Rajeev Pai
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