India Extends $757 Million Currency Swap to Maldives Amid Financial Crisis

The agreement aims to stabilize the Maldivian economy and marks a thaw in relations after previous tensions.

• India and the Maldives have signed a currency swap agreement worth $757 million to help the Maldives address its foreign exchange crisis.
• The agreement includes a $400 million US-dollar swap and a 30 billion rupees Indian-currency swap, valid until June 2027.
• The aid package comes after Maldivian President Mohamed Muizzu's election campaign focused on reducing Indian influence and increasing ties with China.
• Despite earlier tensions, both countries are now discussing a potential free trade agreement and increased cooperation in trade, digitalisation, and maritime security.
• India continues to support Maldivian development with projects like the Hanimaadhoo International Airport and housing initiatives, while also enhancing defense and surveillance capabilities.

36 Articles

Hindustan Times CBC Hindustan Times BBC NDTV NDTV mint l'Opinion NDTV Free Press Journal Hindustan Times Deutsche Welle mint Hindustan Times Free Press Journal mint Hindustan Times mint CNA Free Press Journal Winnipeg Free Press Newsday Associated Press NDTV Hindustan Times Breitbart NDTV Al Jazeera Hindustan Times Free Press Journal Hindustan Times mint BBC mint BBC