Muizzu expresses gratitude for India’s financial assistance, consistent support

Male: Maldives President Mohamed Muizzu on Thursday expressed gratitude for India’s financial assistance and its consistent support, especially during challenging times, as he and his wife Sajidha Mohamed returned after concluding their five-day state visit to the country.

In a press statement, Muizzu expressed gratitude for India’s financial assistance, including the rollover of a USD 50 million Treasury Bill for another year.

The 46-year-old, who was sworn-in as Maldives president in November last year, also thanked India for additional support of INR 30 billion to USD 400 million under a bilateral currency swap agreement.

This was Muizzu’s first state visit to India since taking office at the invitation of President Droupadi Murmu.

During the visit, Muizzu held high-level meetings with President Murmu, Prime Minister Narendra Modi and several other senior Indian government officials.

These discussions centred on strengthening the friendship and development partnership between the Maldives and India, the release said.

India and the Maldives on Monday inked a currency swap pact and agreed to extend development cooperation to build ports, road networks, schools and housing projects in the archipelago nation grappling with a financial crisis.

Prime Minister Modi and Maldivian President Muizzu also launched the Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

The Maldivian president is known to have a soft corner for China and had chosen Turkiye for his first overseas visit after being elected to the top post in November last year.

The two sides also agreed on ‘A Vision for Comprehensive Economic and Maritime Security Partnership’, a document that encapsulates the various aspects of the cooperation.

After the talks, India also handed over 700 social housing units in Hulhumale that were built under the EXIM Bank’s buyer’s credit facilities.

The prime minister also announced a USD 400 million support to the island nation and the two sides inked a currency swap agreement to the tune of Rs 3,000 crore—moves that would be instrumental in tackling its ongoing financial challenges.

The two leaders acknowledged that it was an opportune time for both sides to chart a new framework for cooperation to transform the bilateral relationship into a Comprehensive Economic and Maritime Security Partnership, which is people-centric, future-oriented and will act as an anchor of stability in the Indian Ocean Region.

Muizzu travelled to Agra, as well as Mumbai and Bangalore as part of this trip where several meetings and events took place.

During the visit, First Lady Sajidha visited the Food Safety and Standards Authority of India (FSSAI) and her alma mater, St. Joseph’s University in Bangalore.

As the two nations approach the 60th anniversary of establishing formal diplomatic relations next year, President Muizzu invited Prime Minister Modi, as well as President Murmu to undertake a state visit to the Maldives.

Muizzu won the presidential election last year on an ‘India out’ campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a USD 50 million Treasury Bill for another year.