The pandemic has brought the economies of all countries at a halt. India has given monetary support of USD 250 million to the Maldives to maintain it lessen the economic impact of the COVID-19 pandemic, the Indian embassy was quoted saying on Sunday.  The donation, given under the most favourable terms possible, was in response to the request made by President Ibrahim Mohamed Solih to Prime Minister Narendra Modi to surmount the tough financial condition in the Maldives.

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A handover ceremony was organized on Sunday at the Ministry of Foreign Affairs, Government of Maldives to mark the occasion in the presence of Foreign Minister Abdulla Shahid, Finance Minister Ibrahim Ameer, High Commissioner Sunjay Sudhir and CEO, SBI, Male Bharat Mishra, the embassy responded in a statement. The financial aid was announced first during a virtual meeting with External Affairs Minister S Jaishankar and provided through a Treasury Bond sale to the State Bank of India (SBI) which has a tenure of 10 years for repayment, it said.

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The India-Maldives partnership is unique and the COVID-19 pandemic has highlighted this. India will continue to stand by the people and Government of Maldives during these difficult times, the embassy stated. The USD 250 million budgetary support showcases the elasticity and loyalty of the India-Maldives relationship. India’s Neighbourhood First policy and the Maldives’ India First policy have worked in tandem during the COVID-19 pandemic to safeguard the well-being of its citizens. Today is another milestone in our historic ties that have expanded in scope and risen in ambition in the recent past, it said.

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