India has extended crucial financial support to the Maldives through the rollover of the $50 million Treasury Bill for one more year, a move the Maldivian government said will support its ongoing efforts to implement fiscal reforms for economic resilience.

At the request of the Maldivian government, the State Bank of India (SBI) has subscribed, for one more year, a $50 million Government Treasury Bill issued by the Ministry of Finance of Maldives, the Indian High Commission in the Maldives said in a statement on Monday.