By – Shubhendra Singh Rajawat
Maldives: PM Modi and Muizzu had bilateral and delegation-level meetings at Hyderabad House in New Delhi today. Following the meetings, India today extended a treasury bill rollover of US$100 million to the cash-strapped Maldives, and the two countries signed a currency swap agreement of US$400 million and Rs 3,000 crore.
On Monday, Maldives President Mohammed Muizzu praised Prime Minister Narendra Modi for the USD 400 million bilateral currency swap deal and the Indian government’s willingness to provide Rs 30 billion (US$360 million).
“I am grateful for the Indian government’s decision to provide assistance of Rs 30 billion in addition to the bilateral currency swap agreement of US $400 million, which will help us address the foreign exchange issues we are facing,” Muizzu claimed.
PM Modi and Muizzu had bilateral and delegation-level talks at Hyderabad House in the national capital today. Following the meetings, India today offered a treasury bill rollover of US$100 million to the cash-strapped Maldives, while the two countries also agreed currency swap deals for US$400 million and Rs 3,000 crore.
PM Modi described the “Development Partnership” as a vital foundation of New Delhi-Maldives relations, stating that India has always prioritized the Maldivians’ needs first. “Development partnership is a key pillar of India-Maldives ties. We have always prioritized the people of the Maldives. This year, SBI rolled over $100 million of Maldives Treasury Bench. As per the needs of Maldives, currency swap agreements of $400 million and Rs 3000 crore were also signed…” PM Modi said.
In September, India stated that the State Bank of India would subscribe to Maldives government bonds worth $50 million. Previously, in May 2024, SBI subscribed to US$50 million in T-bills under the same procedure, at the request of the Maldives government.
In addition, Prime Minister Narendra Modi and President Mohammed Muizzo observed the first RuPay card payment transaction in the Maldives. The two leaders also digitally launched the runway at Hanimaadhoo International Airport on the island nation. Prime Minister Narendra Modi announced that India and the Maldives will soon be connected via UPI.
“A few days ago, the RuPay card was launched in Maldives. In the future, India and the Maldives would be connected via UPI,” PM Modi stated in a joint press release with President Muizzu at Hyderabad House in New Delhi today.
PM Modi also stated that the Maldives plays an essential role in India’s neighboring strategy and SAGAR agenda. He emphasized India’s close proximity and friendship with the Maldives. Prime Minister Modi remarked, “First and foremost, I warmly welcome President Muizzu and his delegation. The relationship between India and the Maldives dates back millennia. India is Maldives’ closest neighbor and friend. Maldives plays a significant role in our neighborhood policies and SAGAR concept. Muizzu came in India on Sunday for a five-day visit and was formally welcomed at Rashtrapati Bhavan today.
President Draupadi Murmu and Prime Minister Narendra Modi greeted Maldives President and First Lady Sajida Mohamed as they arrived at Rashtrapati Bhavan. Muizzu also met with External Affairs Minister S Jaishankar in the national capital on Sunday. Jaishankar expressed delight in receiving the President on a state visit to India. This is Muizzu’s second visit to India, having attended Prime Minister Narendra Modi’s swearing-in event in early June of this year.