SBI providing $16 million liquidity support for local business in Maldives to tackle COVID

Amid the COVID-19 pandemic which has affected economies across the world, while the smaller nations facing the brunt of the pandemic even more, the State Bank of India (SBI) in order to assist one such friendly nation, the Maldives, is providing liquidity support of USD 16.20 million for local businesses and deferred loan repayment for over 200 retail accounts, the Indian High Commission in the Maldives said on Monday.

On the occasion of Independence Day of the Maldives on July 26, Indian High Commissioner Sunjay Sudhir said, "Assistance of USD 400 million through an extended currency swap arrangement has been made available already to tide over liquidity shortage. India will soon announce another substantial financial assistance package to support the Maldivian economy and assist in economic recovery post-COVID-19."

"Ours is an all-weather friendship steeped in history and with a glorious future. 'India First' policy of Maldives and 'Neighbourhood First' policy of India has set the foundation of the growing relationship," he added.

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India's assistance to Sri Lanka

India is taking proactive steps in understanding the concerns of friendly nations and assisting them during the global crisis situation. A few days back the island nation of Sri Lanka signed a USD 400 million currency swap agreement with India's Reserve Bank of India (RBI) to meet short-term international liquidity requirements due to the COVID-19 consequential economic crisis.

The Indian High Commission in Colombo said that the development comes as a relief for Sri Lanka which can help it in the post COVID recovery. The High Commission added that it is another example of India's strong commitment to work with Sri Lanka in post-COVID-19 economic recovery.

Earlier, Prime Minister Narendra Modi had a telephonic conversation with Sri Lankan President Gotabaya Rajapaksa on May 23 and Prime Minister Mahinda Rajapaksa on May 27 to discuss the impact of COVID-19 pandemic on lives of the people and economy. PM Modi had then assured the Sri Lankan President and Prime Minister that India would continue to support Sri Lanka to mitigate the effects of the pandemic.

Besides, Indian High Commissioner Gopal Baglay on May 29 made a courtesy call on President Gotabaya and the two agreed to accelerate India's participation in Sri Lanka's post-COVID economic recovery.

(With ANI inputs)

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