Wednesday
16th Oct 2024
Dhivehi Edition
Photo: President's Office.
The Maldives and India have solidified their relationship by signing five final agreements in various sectors, including a significant $400 million currency swap arrangement. The agreements were signed following official talks between Maldivian President Dr. Mohamed Muizzu and Indian Prime Minister Narendra Modi, marking another step in strengthening the bilateral ties between the two nations.
The centerpiece of the agreements is the $400 million currency swap deal under the "Framework on Currency Swap Arrangement for SAARC Countries 2027–2024." This arrangement allows the Maldives Monetary Authority (MMA) to access foreign exchange through both US dollar/euro and Indian rupee windows. The agreement will enable the Maldives to draw up to USD 400 million or 30 billion Indian rupees, meeting its short-term foreign exchange needs and facilitating trade between the two nations.
MMA Governor Ahmed Munawwar signed the agreement on behalf of the Maldives, while India's Economic Minister Shri Ajay Seth signed on behalf of India. The currency swap deal is expected to significantly boost trade, ensuring smoother transactions and stronger economic ties between the two countries.
In addition to the currency swap, the Maldives and India signed several other agreements aimed at enhancing cooperation in various fields. One of the key agreements is a memorandum of cooperation between Rashtra Raksha University and the National College of Policing and Law Enforcement, focusing on improving policing and law enforcement capabilities in the Maldives. This agreement was signed by Maldives Ambassador to India Ibrahim Shaheeb and India's Home Minister Rajendra Kumar.
A separate memorandum of understanding (MoU) on sports cooperation was also signed by Ibrahim Shaheeb and Indian Ambassador Munu Mahawar, promoting increased collaboration in sports development and training programs between the two nations.
Further, an MoU on the training of judicial personnel was finalized between the National Judicial Academy of India and the Judicial Service Commission (JSC) of the Maldives, aimed at bolstering judicial expertise and capacity. This agreement was also signed by Ambassador Shaheeb and Indian Ambassador Mahawar.
Lastly, the Maldives Anti-Corruption Commission (ACC) and India's Central Bureau of Investigation (CBI) signed an agreement on combating corruption, signifying a commitment from both countries to work together in addressing corruption-related challenges.
Despite earlier moves to alter the presence of Indian military personnel in the Maldives after President Muizzu took office, these agreements reflect the Maldives' continued engagement and cooperation with India. The changes, which included the withdrawal of Indian troops and adjustments in military aviation operations, were made in consultation with India. President Muizzu has maintained strong diplomatic ties with India, ensuring a balanced approach to national interests and regional cooperation.