
Debt Crisis Dominates Maldives President Muizzu's India Visit
President Mohamed Muizzu of the Maldives is in New Delhi for his first bilateral visit to India since assuming office. His four-day trip, which began on October 6, 2024, is expected to focus on securing financial aid to address the Maldives' deepening debt crisis. Scheduled meetings with Prime Minister Narendra Modi will center on negotiating a currency swap agreement and debt relief measures to stabilize the Maldivian economy.
Facing a critical debt repayment of $25 million on October 8, Muizzu is hoping to secure Indian support to prevent the Maldives from falling into economic turmoil. India has already stepped in by investing $50 million in Maldivian bonds through the State Bank of India, but more comprehensive financial aid will be discussed during bilateral talks.
Muizzu’s visit comes at a time when tensions between India and the Maldives have eased. The President had previously campaigned for the removal of Indian military personnel from the Maldives, which led to diplomatic strains. However, Muizzu has taken steps to improve relations, including sacking ministers who made inflammatory remarks about Prime Minister Modi.
The visit is expected to result in new agreements on infrastructure projects and increased security cooperation. The warming ties between the two nations signal a significant turnaround in relations, following a year of tension. Muizzu's trip also includes visits to Agra, Mumbai, and Bengaluru, further cementing India-Maldives cooperation.
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