Maldivian President Mohamed Muizzu on Monday referred to India as a crucial ally in the nation’s infrastructural and socioeconomic development.

President Muizzu made the following comment at the joint news conference with Prime Minister Modi in Delhi: “India is a key partner in the socio-economic and infrastructure development of the Maldives and has stood by the Maldives during our times of need.”

“I would like to thank PM Modi, the government and the people of India for the generous assistance and cooperation extended to the Maldives over the years,” he said.

In addition to thanking PM Modi for the fiscal help given to the Maldives, President Muizzu said that India has supported the island nation in its hour of need.

“A detailed vision paper outlining the direction of our bilateral relationship was agreed upon by the Maldives and India. A vision for all-encompassing economic and marine security ties that includes collaboration on health care, energy projects, digital and financial initiatives, trade and economic partnerships, development cooperation, and maritime and security cooperation, according to Muizzu.

Muizzu went on to thank PM Modi for the Indian government’s decision to provide assistance in the amount of Rs 30 billion (USD 360 million), on top of the bilateral currency exchange arrangement worth USD 400 million.

“I am thankful for the Indian Government’s decision to provide support in the form of 30 billion Indian rupees in addition to a 400 million US dollar bilateral currency swap agreement, which will be instrumental in addressing the foreign exchange issues we are facing right now,” he said.

PM Modi and the president of the Maldives met today at Hyderabad House in the nation’s capital for bilateral and delegation-level discussions.

Following the negotiations, both sides signed a USD 400 million and Rs 3,000 crore currency exchange arrangement, and India gave the Maldives a rollover of USD 100 million in Treasury notes.

Prime Minister Modi said that India has always prioritized the needs of the Maldivian people, citing the “development partnership” as a key tenet of New Delhi-Male relations.

“Development partnership is an important pillar of our (India-Maldives) relations,” said Prime Minister Modi. The priorities of the people of the Maldives have always come first. SBI rolled over $100 million from the Maldives Treasury Bench this year. A 400 million dollar and Rs 3000 crore currency exchange arrangement was also struck in accordance with the demands of the Maldives.”

India said in September that the State Bank of India will purchase USD 50 million worth of Maldivian government bonds. On the request of the Maldivian government, SBI had previously subscribed USD 50 million in T-bills under the same process in May 2024.

Additionally, the first RuPay card payment was made in the Maldives today, which was witnessed by President Mohamed Muizzu and Prime Minister Narendra Modi.

Additionally, the two leaders essentially opened the island nation’s Hanimaadhoo International Airport’s runway.

In the future, UPI will link India and the Maldives, according to Prime Minister Modi. “The RuPay card was introduced in the Maldives a few days ago. India and the Maldives will soon have a UPI connection,” Prime Minister Modi said in a joint press release.

PM Modi went on to say that the island nation is significant to India’s SAGAR agenda and neighborhood strategy.