India and Maldives Forge Stronger Ties with Currency Swap and Development Initiatives

India and Maldives have signed a currency swap agreement to bolster the Maldives' foreign exchange reserves. The visit included launching the Rupay card, inaugurating an airport runway, and discussing a Free Trade Agreement. Issues in relations were addressed as India extended support to the Maldivian economy.

India and the Maldives took significant strides to mend and enhance their bilateral relationship on Monday by signing a currency swap agreement aimed at resolving the Maldivian foreign exchange reserve challenges.

During a four-day state visit, Maldivian President Mohamed Muizzu and Indian Prime Minister Narendra Modi facilitated the launch of the Rupay card in the Maldives, inaugurated the Hanimadhoo International airport's new runway, and committed to exploring a Free Trade Agreement to boost economic ties.

Despite past tensions, particularly after Muizzu's election on an 'India out' platform, relations are mending as India provides essential economic support, including a USD 50 million Treasury Bill extension to assist the Maldivian economy.

(With inputs from agencies.)