Trade agreements worth billions, lucrative deals, UPI, RuPay, and more; win-win situation for India and Maldives

New Delhi: The government of India has decided to supply a boost to Maldives by providing financial give a boost to worth Rs 30 billion (USD 360 mn) to boot as the USD four hundred million bilateral currency swap agreement. Maldives President Mohamed Muizzu on Monday, 07 October 2024 expressed his gratitude to Prime Minister Narendra Modi for this gesture.

“I'm thankful for the Indian Government’s decision to supply give a boost to within the sort of 30 billion Indian Rupees to boot as four hundred million US Dollars bilateral currency swap agreement as a way to be instrumental in addressing the foreign exchange issues we're facing at the current,” Muizzu said.

Earlier within the day, PM Modi and President Muizzu held bilateral and delegation-level talks at Hyderabad House in New Delhi.

In keeping with the sources, India will grant a cash-strapped Maldives a USD100 million Treasury bills rollover, and either side inking a USD four hundred million and Rs 3,000 crore currency swap agreement.

Describing the “development partnership” as a significant 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 a important pillar of our (India-Maldives) members of the family. We now have always given preference to the priorities of the people of Maldives. This year, SBI did a rollover of a hundred million dollars of the Treasury Bench of Maldives. As per the wishes of the Maldives, a four hundred million dollars and Rs 3000 crore currency swap agreement was once also signed.”

In September, India announced that the State Bank of India (SBI) would subscribe to Maldivian government bonds of USD 50 million. Earlier in May 2024, the SBI had in the same way subscribed a USD 50 mn T-bills below the same mechanism on the request of the Government of Maldives.

In the same way, Prime Minister Narendra Modi and President Mohamed Muizzu on Monday, 07 October 2024 witnessed the first transaction of RuPay card payments launched within the Maldives this day.

The 2 leaders also virtually inaugurated the runway of Hanimaadhoo International Airport within the island nation.

Prime Minister Narendra Modi said that India and Maldives may be connected through UPI in times to come.

“About a days back, RuPay card was once launched in Maldives. Within the time to come, India and Maldives may be connected through UPI,” PM Modi said in a joint press statement together with President Muizzu at Hyderabad House in New Delhi on Monday.

He underlined that India is Maldives’ nearest neighbour and close friend.

(With ANI inputs)