India Approves Rs 30 Billion Currency Swap for Maldives

India has approved a Rs 30 billion withdrawal for Maldives under the SAARC Currency Swap Framework. The funds were released following an agreement during President Mohamed Muizzu's visit to New Delhi in October 2024. This financial support underscores India's commitment to ensuring Maldives' economic stability.

India has paved the way for a significant financial assistance package by approving the withdrawal of Rs 30 billion for the Maldives, announced the Indian High Commission on Thursday.

This development falls under the SAARC Currency Swap Framework, facilitated by an agreement between India and the Maldives during President Mohamed Muizzu's state visit to New Delhi in October 2024. The previous USD 400 million withdrawal matured on the same day, reaffirming the Maldives' dedication to its financial commitments, according to a statement from the Maldives Foreign Ministry.

Since 2012, India has extended USD 1.1 billion through the SAARC swap facility, underscoring its role as a reliable partner for the Maldives under its 'Neighbourhood First' policy and Vision MAHASAGAR.