India and the Maldives have signed five significant agreements during President Mohamed Muizzu’s official visit to India, aimed at strengthening bilateral cooperation.
One of the most notable agreements is the USD 400 million currency swap arrangement between the Maldives Monetary Authority (MMA) and the Reserve Bank of India. This agreement facilitates a currency swap of up to USD 400 million, allowing the Maldives to access funds on multiple occasions under the Framework on Currency Swap Arrangement for SAARC Countries (2027–2024).
This currency swap arrangement is considered a vital step in bolstering financial stability and supporting economic growth in the Maldives, highlighting the continued cooperation between the two nations.
In addition to the currency swap, the following agreements were signed:
- Cooperation Agreement between the National College of Policing and Law Enforcement (Maldives) and Rashtriya Raksha University (India).
- Extension of the Memorandum of Understanding (MoU) between the Maldives and India’s Ministry of Youth Affairs and Sports, focusing on collaboration in sports and youth development.
- Bilateral Agreement between the Anti-Corruption Commission of the Maldives and the Central Bureau of Investigation (CBI) of India to strengthen cooperation in combating corruption.
- Memorandum of Understanding (MoU) between the Judicial Service Commission of the Maldives and India’s National Judicial Academy, which will facilitate the training of 200 judicial officers.
