The Government of India (GoI) has provided a Budgetary Support of USD 50 million, in the form of a rollover of Treasury Bill (T-Bill), to the Maldives for another year.
- The State Bank of India (SBI) has subscribed for one more year to the T-bill issued by Ministry of Finance of Maldives, upon maturity of the previous subscription.
Background:
The GoI’s decision to roll over the T-Bill came following a request made by Maldivian Foreign Minister Moosa Zameer to Union Minister Dr. S. Jaishankar, Ministry of External Affairs (MEA), GoI during the official bilateral visit to India from 8-10 May 2024.
About the Subscription:
i.Government Treasury Bills are subscribed by SBI under a unique Government-to-Government arrangement at zero-cost (interest free) to the Government of Maldives.
ii.The continuation of subscription has been made at the special request of the Government of Maldives to secure budgetary support from the GoI.
Points to note:
i.India has been providing significant budgetary assistance for developmental projects in the Maldives.
ii.Currently, several infrastructure and connectivity projects have been built and are being built in Maldives under the Export-Import Bank of India’s (Exim Bank) line of credit (LOC) of USD 800 million.
iii.Maldives is one of the significant beneficiaries of the GoI’s ‘Neighbourhood First’ policy.
India Sends USD 1 Million Flood Relief Assistance to Kenya
The government of India(GoI) has announced humanitarian assistance worth USD 1 million to the government of Kenya to deal with the devastation caused by the floods due to prolonged heavy rainfall in Kenya.
Hand over:
On behalf of the GoI, Namgya Khampa, High Commissioner of India to Kenya, handed over the 2nd tranche of supplies to Mercy Wanjau, Secretary to the Cabinet; Peninah Malonza, Cabinet Secretary for Ministry of East African Community, Arid and Semi-Arid Lands and Regional Development at Embakasi Military Hangar.
India’s relief Assistance to Kenya
i.India dispatches 40 tons of relief supplies to support flood-affected regions in Kenya on 14 May 2024.
ii.The consignment includes 22 tons of Humanitarian Assistance and Disaster Relief (HADR) items and 18 tons of medical aid.
iii.Previously, on 10th May 2024, Indian Naval Ship (INS) Sumedha delivered immediate relief material comprising a HADR pallet, and 2 medical pallets to the Government of Kenya at Mombasa Port.
Additional info: 38 out of 47 counties (i.e 80% of the country) have been affected due to the Torrential rains that have caused devastating floods in Kenya. An estimated 267 people have died, 188 injured and over 2,80,000 displaced (as of 10 May 2024).
About Maldives:
President– Dr Mohamed Muizzu
Capital– Malé
Currency– Maldivian Rufiyaa
About Kenya:
President– William Samoei Ruto
Capital– Nairobi
Currency– Kenyan Shilling
