India has approved the first withdrawal of 30 billion rupees for the Maldives under the SAARC Currency Swap Framework, reinforcing its ongoing financial support to the island nation.
The Indian High Commission in Male said the funds are being released as part of the first drawdown under the framework agreed between the Reserve Bank of India and the Maldives government during President Mohamed Muizzu’s state visit to New Delhi in October 2024.
The development follows the maturity of an earlier 400 million US dollar facility availed by the Maldives in October 2024. The Maldives Foreign Ministry stated that the repayment reflects the government’s commitment to meeting its financial obligations. Since the framework’s inception in 2012, the Reserve Bank of India has extended swap support worth over 1.1 billion US dollars to the Maldives.
The High Commission said the facility has played a key role in maintaining the Maldives’ financial stability. It added that India continues to support the Maldives under its Neighbourhood First policy and Vision MAHASAGAR, reaffirming its role as a trusted partner and first responder in times of need.
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