Modi-Muizzu talks: India announces major currency swap arrangement to help cash-strapped Maldives
New Delhi, Oct 7 (Bureau) Prime Minister Narendra Modi on Monday said that India and Maldives have agreed to give strategic depth to their ties with adoption of a Vision for Comprehensive Economic and Maritime Security Partnership, even as he announced roll over of USD 100 million treasury bills for one year, and USD 400 million and Rs 30 billion as a bilateral currency swap arrangement for the cash-strapped nation. After holding bilateral talks with visiting Maldivian President Mohamed Muizzu, PM Modi said the two sides have decided to hold talks on a Free Trade Agreement, and are also focusing on digital connectivity. India also launched the RuPay Card in Maldives and PM Modi said that the two sides will try and link up with the United Payments Interface, the Indian digital payments system. He said the two sides are in talks to open a new Indian consulate in Addu city in Maldives, and a new Maldives consulate in Bengaluru, to strengthen people to people links.
PM Modi said the two sides have also held talks on infrastructure development, according to the requirements of Maldives, in areas including ports, airports, housing, hospitals, roads, sports facilities, schools and water and sewerage. India would also focus on the timely completion of the flagship Greater Malé Connectivity Project (GMCP), and undertake a feasibility study to connect the islands of Thilafushi and Giraavaru as an extension. Both sides would also collaborate in the development of a state-of-the-art commercial port at Thilafushi island in order to de-congest the Malé port and provide enhanced cargo handling capacity at Thilafushi. PM Modi said that India and Maldives have age-old relations and that Maldives is India’s closest and friendly neighbour.
PM Modi said that India has always acted as the first responder for Maldives, whether to bring essential commodities for the people of Maldives or provide help during any natural calamity, and providing vaccines during Covid. India has always upheld its responsibility of being a neighbour, and to give strategic depth to the relations the two sides have decided to adopt the “Vision of Comprehensive Economic and Maritime Security Partnership”. He said that India will continue to provide training and capacity building for the Maldivian National Defense Force and that both sides will work together for the security and peace in the Indian Ocean Region. The MEA spokesperson in a post on X said: “A partnership fulfilling shared aspirations! PM @narendramodi and President @MMuizzu held comprehensive discussions to further deepen ties on a range of areas including development partnership, energy, trade, financial linkages and defence cooperation.”