India’s Financial Assistance to Maldives
under SAARC Currency Swap Framework
¨ India has approved the
first installment of economic and financial assistance to the Maldives.
¨
Around ₹30 billion will
be provided under this installment.
¨
The information was
shared by the Indian High Commission in the Maldives.
¨
The funds are being
released under the SAARC Currency Swap Framework.
¨
According to the
Maldives’ Foreign Ministry, this is part of a $400 million facility.
¨
It reflects the
government’s commitment to meeting its financial obligations.
¨ Since the launch of the
SAARC Swap Framework in 2012, the Reserve Bank of India (RBI) has extended a
total of $1.1 billion in support to the Maldives.
¨
The currency swap
agreement was signed in October 2024.
¨
It was signed during
President Mohamed Muizzu’s state visit to New Delhi.
¨
The $400 million drawn by
the Maldives in October 2024 matured on April 23.
