Maldives President Mohamed Muizzu on Monday (October 7) thanked India for its decision to provide USD 360 million to the US in addition to USD 400 million bilateral currency swap agreement. Muizzu, who is on a five-day state visit to India, held bilateral talks with PM Narendra Modi. The bilateral talks were held at Hyderabad House.
“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.
Maldives is currently facing a financial crisis and there are serious concerns about Maldives’ capability of fulfilling its debt obligations. Leading global firms like Fitch Ratings have even predicted a default.
After the bilateral talks, India granted a USD 100 million treasury bills rollover to Maldives. Both nations signed a USD 400 million and Rs 3000 crore currency swap agreement.
“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…” said PM Modi during the bilateral talk.
On Monday, India introduced RuPay card payments in Maldives. PM Modi and President Muizzu inaugurated a runway of Hanimaadhoo International Airport in Maldives from Delhi.
Muizzu’s softened stance
Muizzu is perceived as a ‘pro-China’ leader. Last year, he contested elections on ‘India out’ poll plank and pressed for exit of Indian military personnel.
It has been customary for Maldivian presidents over years to fly to India as their first foreign visit. But Muizzu travelled to Turkey and China after assuming office.
His stance towards India has considerably softened especially when Maldives is facing financial woes.
