United Nations , Oct 1:
The Maldives has thanked India for the financial assistance of USD 250 million — “the single largest financial assistance from a donor” — to support the island nation amid the COVID-19 pandemic.
“The pandemic has also highlighted the importance of global cooperation. In the Maldives, without the support of our friends, our bilateral and multilateral partners, we would not be able to continue weathering this storm, Minister of Foreign Affairs of Maldives Abdulla Shahid said in his address to the General Debate of the 75th Session of the United Nations General Assembly .
This month, India provided the financial assistance of USD 250 million to Maldives to help it mitigate the economic impact of the COVID-19 pandemic, the Indian embassy in Maldives had said in a statement. The grant, provided under the most favourable terms possible, was in response to the request made by President Ibrahim Mohamed Solih to Prime Minister Narendra Modi to overcome the difficult economic situation in the Maldives.
The financial assistance 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), Male which has a tenure of 10 years for repayment, the statement said.
According to the statement, the India-Maldives partnership is unique and the COVID-19 pandemic has highlighted this.