Maldives President Muizzu thanks India for generous assistance following meeting with PM Modi
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Maldives President Mohammed Muizzu expressed gratitude to India for its generous assistance, including the rollover of Treasury Bills and a currency swap agreement, after his meeting with Prime Minister Narendra Modi on Monday, October 7. He also mentioned his anticipation of concluding a Free Trade Agreement with India to boost Indian investments in the Maldives.
Following discussions on various issues at Hyderabad House in New Delhi, PM Modi highlighted India's commitment to supporting the Maldives' priorities. This year, the State Bank of India rolled over $100 million in Treasury Bills for the Maldives. Additionally, a $400 million and Rs 3,000 crore currency swap agreement was signed.
Prime Minister Modi announced the introduction of the RuPay card in the Maldives, with future plans to connect India and the Maldives through the Unified Payments Interface (UPI).
The two leaders also discussed the opening of Indian and Maldivian consulates in Addu and Bengaluru, respectively, and virtually inaugurated a new runway at Hanimadhoo airport in the Maldives. Furthermore, Modi mentioned the handover of 700 social housing units, built with India's support, to the Maldives.
The following Memorandums of Understanding (MoUs) were signed or renewed:
MoU between Rashtriya Raksha University of India and the National College of Policing and Law Enforcement of Maldives
MoU between the Central Bureau of Investigation (CBI) of India and the Anti-Corruption Commission of Maldives
Renewal of MoU between the National Judicial Academy of India (NJAI) and the Judicial Service Commission (JSC) of Maldives
Renewal of MoU on cooperation in sports and youth affairs
Earlier in the day, President Droupadi Murmu and PM Modi welcomed Muizzu at Rashtrapati Bhavan with a ceremonial reception and guard of honour. Muizzu, accompanied by his wife Sajidha Mohamed and a Maldivian delegation, also laid a wreath at Rajghat.
External Affairs Minister S. Jaishankar expressed confidence that Muizzu's discussions with PM Modi would provide a "new impetus" to the friendly ties between India and the Maldives.
Despite initial strains in the bilateral relationship due to Muizzu's pro-China stance since taking office in November 2023, the Maldivian president has softened his approach toward India. This includes dismissing ministers critical of PM Modi, signaling a shift in his administration's foreign policy.
As the Maldives faced significant economic challenges, India extended crucial budgetary support by rolling over a $50 million Treasury Bill for another year. Before departing for New Delhi, Muizzu underscored India's role as a key development partner, ready to alleviate the Maldives' fiscal burdens and address its challenges.
