India Pledges USD 319 Million Financial Support to Maldives Under SAARC Currency Swap Framework

India has pledged USD 319 million (INR 30 billion) in financial assistance to Maldives as part of its ongoing economic support.

The Indian High Commission in Maldives stated that the funds are being released under the first drawdown of the SAARC Currency Swap Framework. The assistance follows an agreement signed between the Reserve Bank of India and the Government of Maldives during the state visit of Mohamed Muizzu to India in October 2024.

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The previous USD 400 million drawdown secured by the Maldives under the same framework in October 2024 reached maturity on Thursday. The newly introduced 2024–2027 framework includes concessions on interest rates and more favourable conditions.

Since the launch of the SAARC Currency Swap Framework in 2012, the Reserve Bank of India has extended a total of USD 1.1 billion in swap support to the Maldives, reflecting continued financial cooperation between the two countries.

In addition to the swap arrangement, India also rolled over USD 100 million in Treasury bills issued by the Maldivian government last year as part of emergency financial assistance.

The High Commission noted that the Maldives remains a key partner for India under its “Neighbourhood First” policy and Vision MAHASAGAR, highlighting India’s continued role as a primary responder in times of need.