India has agreed to provide a USD 400 million currency swap facility to the Maldives during President Dr Mohamed Muizzu's ongoing state visit to the country.
India has agreed to provide a USD 400 million currency swap facility to the Maldives during President Dr Mohamed Muizzu's ongoing state visit to the country.
President Muizzu said that India is providing assistance to Maldives whenever it needs assistance.
President Muizzu said the currency swap facility would greatly ease the foreign exchange shortage currently faced by Maldives.
India has provided a USD 400 million currency swap facility to Maldives amid a severe dollar shortage to repay its foreign debt.
Due to the financial crisis faced by the country, the country’s usable reserves have dropped to about USD 45 million.
President Dr Mohamed Muizzu and Indian Prime Minister Narendra Modi during President Muizzu's ongoing state visit to India -- Photo: President's Office
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