India's budget support a temporary solution for depleting reserve: Nasheed

The financial assistance of US$100 million extended to the Maldives government by the Indian government is a temporary solution to the country's dwindling foreign exchange reserves, Parliament Speaker Mohamed Nasheed has said.

Indian Ambassador to the Maldives, Munu Mahawar, handed over the symbolic cheque of $100 million to the Maldives government at a ceremony held at the Foreign Ministry on Tuesday. Foreign Minister Abdulla Shahid and Finance Minister Ibrahim Ameer received the cheque on behalf of the Maldives.

In a tweet published Tuesday night, Nasheed thanked the Indian government for the budget support and said it was a temporary solution to the country's depleting foreign reserves.

The financial assistance was agreed upon during discussions with the Indian government during President Ibrahim Mohamed Solih's official visit to India from August 1-4 this year. The US$100 million will be invested in a treasury bond issued by the State Bank of India's Male' branch.