BISHESHWAR MISHRA / NEW DELHI

India today extended support of 400 million dollars and a bilateral currency swap of 3,000 crore rupees to the Maldives. The support will be instrumental in tackling the ongoing financial challenges faced by the Maldives.

The decision was taken during the delegation-level talks between Prime Minister Narendra Modi and the President of Maldives Dr Mohamed Muizzu in New Delhi today. Besides, the currency swap agreement, the two countries signed two MoUs including bilateral cooperation on preventing and combating corruption. Two MoUs were also renewed between the two countries on Capacity Building Programs for Maldivian judicial officers and in the field of Sports and Youth Affairs.

In a press statement after holding the talks with Dr Muizzu, Prime Minister Narendra Modi said that India and Maldives have adopted a vision for a Comprehensive Economic and Maritime Security Partnership to give strategic direction to their cooperation. Mr Modi said development partnership is an important pillar of our relations and India has always given priority to the priorities of the people of Maldives this year State Bank of India has rolled over 100 million dollars of “Treasury Bills” of Maldives. He also informed that today, as per the requirement of the Maldives, a currency swap agreement of 400 million dollars and three thousand crore rupees has also been inked.

The Prime Minister also highlighted that India has always played the role of first responder to Maldives. He emphasised that, India has always fulfilled its responsibility as a neighbour, be it fulfilling the need for essential commodities for the people of Maldives, making drinking water available during natural calamities, or providing vaccines to that country during Covid times. He said, the relationship between India and Maldives is centuries old and India is its closest neighbour and close friend. Mr Modi said, Maldives also holds an important place in our “Neighbourhood First” policy and “SAGAR” Vision.

Mr Modi informed us that the RuPay card has been launched in Maldives and in the coming time, work will be done to connect India and Maldives with UPI as well.

In his statement, the President of Maldives Dr Mohamed Muizzu said he and Prime Minister Modi held extensive discussions taking stock of our successful development journey together and charting the path of future collaborations between the two countries. He said both sides agreed on a comprehensive vision document charting the course of the bilateral relationship. Dr. Muizzu said that he is thankful for the Indian government’s decision to provide support in the form of 3,000 crore rupees in addition to 400 million US dollars bilateral currency swap agreement.

Prime Minister Modi also virtually inaugurated the runway of Hanimaadhoo International Airport in Maldives in the presence of Dr Muizzu and also handed over 700 social housing units built under EXIM Bank’s Buyers’ Credit Facilities. RuPay card payments were introduced in Maldives and the two leaders witnessed the first such transaction.