Alongside President Mohamed Muizzu, Prime Minister Narendra Modi on Monday announced that India has extended USD 100 million in treasury bills to the island nation and agreed to finalize a USD 400 million currency swap deal.
Prime Minister Narendra Modi said, "First of all, I extend a hearty welcome to President Muizzu and his delegation. India and Maldives relations are centuries old. India is Maldives' nearest neighbour and close friend. Maldives holds an important position in our neighbourhood policy and SAGAR vision."
"India has always played the role of first responder for Maldives…India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," said PM Modi.
PM Modi announced this during Muizzu's first visit to the country during which talks on a possible Male consulate in Bengaluru and a free trade agreement were also held. PM Modi and President Mohamed Muizzu, earlier today, held extensive discussions on strengthening bilateral ties.
Meanwhile, Maldives President Mohamed Muizzu thanked Prime Minister Narendra Modi for Indian government's decision to provide support in the form of Rs 30 billion (USD 360 mn), in addition to USD 400 million bilateral currency swap agreement.
"I am thankful for the Indian Government's decision to provide support in the form of 30 billion Indian Rupees in addition to 400 million US Dollars bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now," Muizzu said.
PM Modi and Muizzu held bilateral and delegation-level talks at Hyderabad House in the national capital today.
Describing the "development partnership" as an important pillar of New Delhi-Male ties, Prime Minister Modi asserted that India has always given preference to the priorities of the people of Maldives.
Prime Minister Modi said,"Development partnership is an important pillar of our (India-Maldives) relations. We have always given preference to the priorities of the people of Maldives. This year, SBI did a rollover of 100 million dollars of the Treasury Bench of Maldives. As per the needs of the Maldives, a 400 million dollars and Rs 3000 crore currency swap agreement was also signed…"
In September, India announced that the State Bank of India would subscribe Maldivian government bonds of USD 50 million. Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under same mechanism, again on the request of the Government of Maldives.
In adddition, Prime Minister Narendra Modi and President Mohamed Muizzu today witnessed the first transaction of RuPay card payments launched in the Maldives today.