The Maldivian government has asked India to roll over the US$320 million currency swap arrangement put in place to support the country’s financial situation.
With the current term due to expire within about the next 12 days, Maldives requested an extension. Following discussions between the two countries, it has been confirmed that the swap will be rolled over for three months.
The financial assistance was provided under an agreement reached with the Reserve Bank of India (RBI) during President Dr. Muizzu’s visit to India in October 2024. The funds were released on 23 April this year under the special currency swap arrangement for SAARC countries.
Separately, the Maldivian government last month also completed repayment of US$50 million owed to India.
Leave a reaction