Maldives President Muizzu thanks PM Modi government for Rs 30 billion support, USD 400 million bilateral currency swap agreement

New Delhi [India], October 7 (ANI): Maldives President Mohamed Muizzu on Monday thanked Prime Minister Narendra Modi for Indian government's decision to provide support in the form of Rs 30 billion (USD 360 mn), in addition to USD 400 million bilateral currency swap agreement.
"I am thankful for the Indian Government's decision to provide support in the form of 30 billion Indian Rupees in addition to 400 million US Dollars bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now," Muizzu said.
PM Modi and Muizzu held bilateral and delegation-level talks at Hyderabad House in the national capital today.
Following the talks India today granted cash-strapped Maldives a USD100 million Treasury bills roll over, in addition to both sides inking a USD 400 million and Rs 3,000 crore currency swap agreement.
Describing the "development partnership" as an important 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 an important pillar of our (India-Maldives) relations. We have always given preference to the priorities of the people of Maldives. This year, SBI did a rollover of 100 million dollars of the Treasury Bench of Maldives. As per the needs of the Maldives, a 400 million dollars and Rs 3000 crore currency swap agreement was also signed..."

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

In adddition, Prime Minister Narendra Modi and President Mohamed Muizzu today witnessed the first transaction of RuPay card payments launched in the Maldives today.
The two leaders also virtually inaugurated the runway of Hanimaadhoo International Airport in the island nation.
Prime Minister Narendra Modi said that India and Maldives will be connected through UPI in times to come. "A few days back, RuPay card was launched in Maldives. In the time to come, India and Maldives will be connected through UPI," PM Modi said in a joint press statement along with President Muizzu at Hyderabad House in New Delhi today.
PM Modi further said that the island country holds an important position in India's neighbourhood policy and SAGAR vision.
He underlined that India is Maldives' nearest neighbour and close friend.
"First of all, I extend a hearty welcome to President Muizzu and his delegation. India and Maldives relations are centuries old. India is Maldives' nearest neighbour and close friend. Maldives holds an important position in our neighbourhood policy and SAGAR vision," PM Modi said.
Muizzu who arrived in India on Sunday on an inaugural five-day visit was accorded a ceremonial reception at the Rashtrapati Bhavan earlier today.
President Droupadi Murmu and Prime Minister Narendra Modi received the Maldivian President and First Lady Sajidha Mohamed as they arrived at Rashtrapati Bhavan.
Muizzu also met External Affairs Minister S Jaishankar on Sunday here in the national capital. "Jaishankar expressed his pleasure in welcoming the President to India, for the state visit.
This is Muizzu's second visit to India this year after attending the swearing-in ceremony of Prime Minister Narendra Modi earlier this June. (ANI)