Maldivian Foreign Minister Dr. Abdulla Khaleel thanked the India on Thursday, after the country extension on the repayment of a USD 50 million treasury bill, describing it as a testament to the enduring partnership between Male’ and New Delhi.
The USD 50 million T-bill subscribed by the State Bank of India (SBI) had been due on Thursday. But during talks between officials from Maldives and India the previous day, New Delhi confirmed the T-bill would be rolled over upon its maturity.
It comes after also granted an extension on the repayment of another USD 50 million T-bill that had been due in May.
In a post on X on Thursday afternoon, Khaleel offered sincere thanks to his Indian counterpart Dr. S. Jaishankar and the Indian government.
He said the rollover of the USD 50 million bond extends vital budgetary support to the Maldives.
Khaleel added that the assistance reaffirms the enduring Maldives-India partnership and will contribute significantly to the Maldivian administration’s efforts in achieving long-term fiscal sustainability.
I sincerely thank EAM @DrSJaishankar and the Government of India for the rollover of the USD 50 million Treasury Bill, extending vital budgetary support to the Maldives.This generous assistance reaffirms the enduring #Maldives–#India partnership and will contribute…
— Abdulla Khaleel (@abkhaleel) September 18, 2025
The Finance Ministry has also issued a statement thanking India for the assistance, describing the decision as one that “underscores the continued confidence and robust financial support extended by the Government of India to the Maldives.”
During former Maldivian President Ibrahim Mohamed Solih’s administration, the SBI subscribed to three USD 50 million T-bills issued by the Male’ government.
One of the T-bills was repaid by the incumbent President Dr. Mohamed Muizzu’s administration in January 2024, and the other two have been rolled over.
The rollover of the USD 50 million T-bill comes after Male’ and New Delhi signed a USD 400 million currency swap deal in October 2024 as the island nation grapples with mounting debt. And in April, India increased the export quotas for essential commodities to the Maldives for a year – marking the highest quotas approved under a unique bilateral mechanism set up between the two neighboring countries back in 1981. And during a state visit by Indian Prime Minister Narendra Modi in July, he approved a USD 564 million credit line.
 
The Maldives has around USD 600 million in debt due this year, and another USD 1.1 billion in debt due next year.
Relations between Maldives and India had been strained in the early days of President Muizzu’s presidency after he adopted a foreign policy that tilted away from the island nation’s traditional ally, India.
But relations were later mended, as officials from both Male’ and Delhi repeatedly expressed keenness to maintaining relations and engaged in several high-level visits.