Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India extends no-strings attached financial assistance of $ 250 million to Maldives.


Date: 21-09-2020
Subject: India extends no-strings attached financial assistance of $ 250 million to Maldives
NEW DELHI: India on Sunday provided financial assistance of $ 250 million with no strings attached as budgetary support to Maldives to mitigate the economic impact of the COVID-19 pandemic.

The $ 250 million budgetary support was a response to the request made by President Solih to PM Modi for financial assistance to overcome the difficult economic situation in the Maldives. It is being provided under the most favourable terms possible to Maldives, officials told ET.

A handover ceremony was held 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 financial assistance was announced first during a virtual meeting between Dr. S. Jaishankar and provided through a Treasury Bond sale to the State Bank of India NSE -0.75 % (SBI), Male which has a tenure of 10 years for repayment.

The budgetary support of $ 250 million is extended without conditions; the Government of Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities. Secondly, the financial assistance is being routed through SBI, Male so that it does not reflect in the external borrowings of the Maldives, officials informed. India has provided a sovereign guarantee to SBI for this financial assistance.

The soft loan of $ 250 million has a comfortable tenor of 10 years and a very low interest rate. Since the principal payment is due only at the end of 10 years, it will not put any immediate debt servicing liability other than bi-annual interest payment. Maldives is the only country to which India has provided such assistance, officials informed.

The $ 250 million budgetary support showcases the resilience and reliability of the India-Maldives relationship. India’s Neighbourhood First policy and Maldives’ India First policy.

India had provided substantial and continued assistance to the Maldives during the COVID-19 pandemic. A team of doctors and specialists visited Maldives in March to assist in COVID-preparedness, a consignment of 5.5 tons of essential medicines were donated in April, another consignment of 6.2 tons of medicines were airlifted from 4 Indian cities to male by the Indian Air Force, and, 580 tons of food aid including foodgrains, onions, etc were donated to the people of Maldives in May. In addition,India continuously lifted export restrictions on medical consumables, respiratory apparatus, and testing kits and reagents throughout the pandemic to assist Maldives in its battle against COVID-19. India also maintained the supply of essential commodities to the Maldives despite global trade disruptions.

500 Maldivians in 8 batches of Maldivian patients travelled to India in the past few weeks. On the request of the Government of Maldives, India will also send doctors and nurses recruited on short-term contracts to reinforce the health system in the Maldives in the battle against COVID-19. The India-Maldives partnership is unique and the COVID-19 pandemic has highlighted this.

Source:-economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001