President Dr. Mohamed Muizzu has expressed confidence that the recently signed currency swap agreement with India will address the foreign exchange challenges faced by the Maldives. He made the remarks following official discussions between the two nations.
In his statement, President Muizzu emphasised the significance of the talks, which aimed at further elevating the bilateral relationship between the Maldives and India. He acknowledged the crucial role of India in the Maldivian economy and development, noting the consistent support of India during critical times. He also expressed gratitude to the Indian government for the currency swap agreement, valued at USD 400 million and INR 30 billion, which he believes will resolve the Maldives' foreign exchange issues.
Additionally, President Muizzu highlighted several agreements signed between the Maldives and India, stating that these agreements have bolstered institutional frameworks and are vital for sustainable development. He specifically noted the Free Trade Agreement (FTA) between the two countries, which he anticipates will unlock the full economic potential of both nations, enhancing Indian investment in tourism and development. He also expressed optimism about the FTA's upcoming conclusion.