India Continues Economic Support to Maldives with Major Currency Swap

In a significant move under the SAARC Currency Swap Framework, India has approved a new withdrawal of Rs 30 billion to support Maldives’ economy. This financial collaboration underscores Maldives' economic dependence on Indian assistance and reflects its commitment to meeting financial obligations.

India has again demonstrated its commitment to supporting Maldives’ economy through the SAARC Currency Swap Framework. The Indian High Commission in Maldives announced the approval of a Rs 30 billion withdrawal as part of ongoing economic and financial assistance.

This arrangement comes after the earlier USD 400 million swap, facilitated during President Mohamed Muizzu's visit to New Delhi in October 2024, matured recently. The Maldives government has expressed its dedication to fulfilling financial obligations, indicating robust economic collaboration.

Since the inception of the SAARC Currency Swap Framework in 2012, India has provided an aggregate of USD 1.1 billion in swap support to Maldives, reinforcing financial stability and strengthening bilateral relations under India’s 'Neighbourhood First' policy and Vision MAHASAGAR.