Maldives President Mohamed Muizzu met with Prime Minister Narendra Modi in New Delhi today, seeking financial support to address the country’s deepening economic crisis. Ahead of their meeting, Muizzu highlighted India’s awareness of the Maldives’ fiscal challenges and expressed confidence that India, as one of its largest development partners, would assist in easing the financial burden.
Maldives President at Rashtrapati Bhavan today. 😶 pic.twitter.com/K7vBI6B5Cd
— Cow Momma (@Cow__Momma) October 7, 2024
Muizzu, who came to power last November on an ‘India Out’ platform, acknowledged the need for stronger cooperation between the two nations. Despite earlier tensions, including Muizzu’s call for the withdrawal of Indian military personnel, today’s discussions signal a shift in tone toward reconciliation.
Since assuming office, Muizzu’s first bilateral state visit comes at a critical time for the Maldives. The nation is grappling with a financial crisis, with foreign exchange reserves dwindling to $440 million, barely enough to cover one-and-a-half months of imports. Global rating agency Moody’s recently downgraded the Maldives’ credit rating, citing heightened risks of default on external debt.
India has already extended financial support worth $1.4 billion to the Maldives for various development and infrastructure projects. Muizzu remains optimistic that India will continue to assist, reaffirming that both countries are committed to finding solutions through open dialogue and mutual understanding.
During his five-day visit, Muizzu will also meet with President Droupadi Murmu and travel to Agra, Mumbai, and Bengaluru to further strengthen ties between the two nations. His trip marks a pivotal moment in India-Maldives relations, signalling a renewed focus on cooperation despite previous tensions.
The Maldives holds a strategic position in the Indian Ocean, and its relationship with India remains crucial for regional security and development. PM Modi’s “Neighbourhood First” and “SAGAR” (Security and Growth for All in the Region) policies continue to emphasize India’s commitment to its maritime neighbours, with the Maldives being a key partner in these initiatives.
