look news india
New Delhi: The Indian government has expressed readiness to provide emergency financial assistance to Maldives. Maldives is today facing the threat of 'default'. Being a good neighbor, India has allowed Maldives to draw 400 million US dollars under the bank's foreign exchange program through the Reserve Bank of India. Earlier also India had given a credit line of 800 million dollars to Maldives through RBI. Based on this, there is a system where Maldives can also ask for long-term loans.
No final facts have been officially published about this yet, but according to a report published in Bloomberg, President Mohammad Muizzu will visit India in the coming weeks. Then this will be discussed. There is every possibility that a delegation will also come to India with Muizzu. It is very possible that if India helps him, he will get relief in paying the next installment.
Maldives is currently facing the threat of defaulting on its 'Islamic Bond' installments. It had agreed to repay the loan in installments, but was not in a position to pay the installments. India's Foreign Ministry is silent on this.
According to Bloomberg data, Maldives has to pay $25 million in October as part of a $500 million debt installment payment. Maldives said it is trying to arrange $400 million in foreign exchange with India. There is every possibility of getting relief.
There has been tension between India and Maldives for the last few years, but Muizzu was invited to the swearing-in ceremony of Prime Minister Modi's third term. He was given a grand welcome on his arrival. Some time ago, Foreign Minister Jaishankar visited Maldives, where some important partnerships were signed.
Some time ago, Muizzu had removed a minister from his post for unfairly criticising Prime Minister Narendra Modi.
Now when President Muizzu visits India, his meeting with Prime Minister Narendra Modi will establish new relations between the two countries.
Maldives was once part of the British Empire. Sri Lanka was also under British rule. Maldives was administered by Sri Lanka under a British governor. Maldives became independent as soon as Sri Lanka became independent. But its relations with India remained such that its currency is called 'Rufiyaa'. Which looks like a rupee.)