Yaarana Jaari Rahega: India, Maldives ink currency swap pact

New Delhi: India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.

Modi and Muizzu reviewed the bilateral relationship and agreed on a currency swap agreement that would grant access to the Maldives to USD 400 million support and an additional Rs 3,000 crore. "I am thankful to the Indian government for providing support in the form of Rs 30 billion, in addition to the USD 400 million bilateral currency swap agreement which will be instrumental in addressing the foreign exchange issues we are facing right now," Muizzu said after wide-ranging talks with Modi at the Hyderabad House here.

“We have adopted a ‘Comprehensive Economic and Maritime Security Partnership’ to add a strategic dimension to the bilateral ties,” Modi said. The two leaders also launched Rupay card in the Maldives, virtually inaugurated the new runway at the Hanimaadhoo international airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year. “In future, we will work to connect India and the Maldives through UPI as well,” Modi said.

Earlier, Muizzu, who arrived on a five-day state visit on Sunday, was accorded a ceremonial welcome at the forecourt of the Rashtrapati Bhavan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion. The Maldivian President is scheduled to visit Agra and Mumbai on Tuesday and Bengaluru on Wednesday before returning to Male on Thursday.