India has decided to offer budgetary support to Maldives for another year. Watch to know more.

India-Maldives relations: SBI's investment supports Maldives' treasury needs

Maldives Foreign Minister Moosa Zameer has expressed gratitude to External Affairs Minister S Jaishankar as the Indian government extended budgetary support to the Maldives with the rollover of the USD 50 million Treasury Bill.

He said the Indian government's announcement demonstrates "enduring bonds of friendship between the Maldives and India."

In a post on X, Zameer stated, "Sincere gratitude to External Affairs Minister @DrSJaishankar and the Government of #India for extending crucial budgetary support to the Maldives with the rollover of USD 50 million Treasury Bill. This generous gesture reflects the enduring bonds of friendship between #Maldives and #India."

At the request of the Maldivian government, the State Bank of India (SBI) has subscribed the USD 50 million government Treasury Bills (T-bills) issued by the Ministry of Finance of the Maldives for a period of one more year upon the maturity of the previous subscription on September 19, the Indian High Commission in the Maldives said in a press release.

This is the second rollover granted by the Indian government this year, following the first rollover of a USD 50 million Treasury Bill on May 13. 
According to the press release, the Maldivian government is "highly appreciative" of the support announced by India following the request made by Moosa Zameer during his meeting with Jaishankar in August.

In a press release, the Maldives Ministry of Foreign Affairs stated, "Government of India's decision to grant this extension came following a request to that effect made by Foreign Minister Moosa Zameer during the discussions held between the two governments at the recent visit of the Minister of External Affairs of India, Dr. S. Jaishankar, to the Maldives from 9-11 August 2024."

"The Government of the Maldives is highly appreciative of the generous support that the Government of India has been providing to the Maldives in the form of budgetary support. This extension comes at a pivotal moment as the Government of the Maldives is implementing a strong fiscal consolidation program to address the pressing economic challenges," it added.

Maldivian Ministry of Foreign Affairs noted that India has once again showcased the high value it places on the enduring partnership between two nations. 
The press release stated, "The Government of India has once again demonstrated the high value it places on this enduring partnership. The Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of the people of both nations."

In the press release, the Indian High Commission called the Maldives India's key maritime neighbour and important partner under India's 'Neighbourhood First' policy.

The Indian High Commission in Maldives stated, "Maldives is India's key maritime neighbour and an important partner under India's 'Neighbourhood First' policy and Vision SAGAR i.e. Security and Growth for All in the Region."

"India has assisted Maldives in times of need, and the current subscription of T-bills along with Government of India's decision earlier this year, of extending special quota for export of essential commodities for Maldives by one more year reflect India's continued support to the Government and the people of the Maldives," it added.

Watch:&nbsp;Moody’s downgrades Maldives’ credit rating

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It noted that SBI had similarly subscribed a USD 50 mn T-bills under same mechanism in May 2024, at the request of the Maldives government. These subscriptions have been made at the special request of the Maldives government as emergency financial assistance.

India's ties with the Maldives were strained after Maldives President Mohamed Muizzu took office. Shortly after he was sworn in, Muizzu stirred bilateral tensions by demanding the removal of approximately 88 Indian military personnel from the Maldives. These personnel were repatriated from three aviation platforms and replaced by Indian civilians by the May 10 deadline set by President Muizzu.

Also read:&nbsp;<a data-ved="2ahUKEwiE9_aZ59CIAxXelK8BHbLaI50QxfQBKAB6BAgSEAE" href="https://www.wionews.com/world/maldives-rules-out-imf-bailout-despite-financial-woes-plans-tax-hikes-to-manage-debt-758652" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/world/maldives-rules-out-imf-bailout-despite-financial-woes-plans-tax-hikes-to-manage-debt-758652&amp;ved=2ahUKEwiE9_aZ59CIAxXelK8BHbLaI50QxfQBKAB6BAgSEAE">Maldives rules out IMF bailout despite financial woes, plans tax hikes to manage debt</a>

Recently, Muizzu's government in the Maldives took a reconciliatory tone after ties between the two nations soured, leading to a diplomatic row in January after three Maldivian deputy ministers made derogatory comments against Prime Minister Narendra Modi over his pictures from the visit to Lakshadweep.

Since January, many efforts have been undertaken by the Muizzu-led government in order to restore the relationship, which includes several high-level visits, including the President himself coming to India for the swearing-in ceremony of PM Narendra Modi or the visit of the Maldivian Foreign Minister.

Earlier in August, External Affairs Minister S Jaishankar visited Maldives. During his visit to Male, Jaishankar signed MoUs on capacity building and inaugurated six High Impact Community Development Projects (HICDPs), according to a Ministry of External Affairs (MEA) release.

Jaishankar also called on Maldivian President Mohamed Muizzu and reviewed bilateral relations with his Maldives counterpart Moosa Zameer.

This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

Maldives Foreign Minister Moosa Zameer has expressed gratitude to External Affairs Minister S Jaishankar as the Indian government extended budgetary support to the Maldives with the rollover of the USD 50 million Treasury Bill.

Maldives Foreign Minister Moosa Zameer has expressed gratitude to External Affairs Minister S Jaishankar as the Indian government extended budgetary support to the Maldives with the rollover of the USD 50 million Treasury Bill. He said the Indian government's announcement demonstrates "enduring bonds of friendship between the Maldives and India." In a post on X, Zameer stated, "Sincere gratitude to External Affairs Minister @DrSJaishankar and the Government of #India for extending crucial budgetary support to the Maldives with the rollover of USD 50 million Treasury Bill. This generous gesture reflects the enduring bonds of friendship between #Maldives and #India." At the request of the Maldivian government, the State Bank of India (SBI) has subscribed the USD 50 million government Treasury Bills (T-bills) issued by the Ministry of Finance of the Maldives for a period of one more year upon the maturity of the previous subscription on September 19, the Indian High Commission in the Maldives said in a press release. This is the second rollover granted by the Indian government this year, following the first rollover of a USD 50 million Treasury Bill on May 13. According to the press release, the Maldivian government is "highly appreciative" of the support announced by India following the request made by Moosa Zameer during his meeting with Jaishankar in August. In a press release, the Maldives Ministry of Foreign Affairs stated, "Government of India's decision to grant this extension came following a request to that effect made by Foreign Minister Moosa Zameer during the discussions held between the two governments at the recent visit of the Minister of External Affairs of India, Dr. S. Jaishankar, to the Maldives from 9-11 August 2024." "The Government of the Maldives is highly appreciative of the generous support that the Government of India has been providing to the Maldives in the form of budgetary support. This extension comes at a pivotal moment as the Government of the Maldives is implementing a strong fiscal consolidation program to address the pressing economic challenges," it added. Maldivian Ministry of Foreign Affairs noted that India has once again showcased the high value it places on the enduring partnership between two nations. The press release stated, "The Government of India has once again demonstrated the high value it places on this enduring partnership. The Government of Maldives looks forward to continuing this collaborative partnership for the mutual benefit and prosperity of the people of both nations." In the press release, the Indian High Commission called the Maldives India's key maritime neighbour and important partner under India's 'Neighbourhood First' policy. The Indian High Commission in Maldives stated, "Maldives is India's key maritime neighbour and an important partner under India's 'Neighbourhood First' policy and Vision SAGAR i.e. Security and Growth for All in the Region." "India has assisted Maldives in times of need, and the current subscription of T-bills along with Government of India's decision earlier this year, of extending special quota for export of essential commodities for Maldives by one more year reflect India's continued support to the Government and the people of the Maldives," it added. Watch: Moody’s downgrades Maldives’ credit rating × It noted that SBI had similarly subscribed a USD 50 mn T-bills under same mechanism in May 2024, at the request of the Maldives government. These subscriptions have been made at the special request of the Maldives government as emergency financial assistance. India's ties with the Maldives were strained after Maldives President Mohamed Muizzu took office. Shortly after he was sworn in, Muizzu stirred bilateral tensions by demanding the removal of approximately 88 Indian military personnel from the Maldives. These personnel were repatriated from three aviation platforms and replaced by Indian civilians by the May 10 deadline set by President Muizzu. Also read: Maldives rules out IMF bailout despite financial woes, plans tax hikes to manage debt Recently, Muizzu's government in the Maldives took a reconciliatory tone after ties between the two nations soured, leading to a diplomatic row in January after three Maldivian deputy ministers made derogatory comments against Prime Minister Narendra Modi over his pictures from the visit to Lakshadweep. Since January, many efforts have been undertaken by the Muizzu-led government in order to restore the relationship, which includes several high-level visits, including the President himself coming to India for the swearing-in ceremony of PM Narendra Modi or the visit of the Maldivian Foreign Minister. Earlier in August, External Affairs Minister S Jaishankar visited Maldives. During his visit to Male, Jaishankar signed MoUs on capacity building and inaugurated six High Impact Community Development Projects (HICDPs), according to a Ministry of External Affairs (MEA) release. Jaishankar also called on Maldivian President Mohamed Muizzu and reviewed bilateral relations with his Maldives counterpart Moosa Zameer. This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Maldives elated as India extends $50mn budgetary support in second rollover this year

India extends budgetary support to Maldives

Moody’s has downgraded the Maldives’ long-term local and foreign currency issuer ratings, citing a significant rise in default risks. The downgrade reflects the country’s critically low foreign exchange reserves, which have fallen below 50 million dollars in net reserves as of July. Despite efforts to secure external financing, the prospects for a sharp recovery remain dim.

Moody’s downgrades Maldives’ credit rating

The Maldives says its financial troubles are "temporary" and the luxury tourist destination has no plans to seek an International Monetary Fund bailout after warnings of a possible sovereign default.

Foreign Minister Moosa Zameer said the Indian Ocean archipelago, best known for its upscale resorts and celebrity visitors, was pressing ahead with tax hikes to meet its debt servicing obligations.

"We have bilateral partners who are very sensitive to our needs and our situation," Zameer told reporters in Colombo on Friday night.

"I seriously don't think it is a time where we will be right now engaging with the IMF... The issue that we have is very temporary because currently we are having a dip in reserves."

He said tax reforms, along with the rationalisation of state-owned enterprises, would improve liquidity.&nbsp;

Zameer was visiting Sri Lanka along with Finance Minister Mohamed Shafeeq to meet with local central bankers and other officials.

China and India are the two largest bilateral lenders to the Maldives, a tiny nation of 1,192 tiny coral islands in the Indian Ocean scattered across the equator.

President Mohamed Muizzu came to power a year ago on the back of a campaign to evict a small contingent of Indian troops deployed in the Maldives and pursue closer ties with China.

<h2>- 'Rough patches' -</h2>

After the removal of the troops, the two nations have mended fences and had "cleared misunderstandings," Zameer said.

"At the start of our government, we did have some rough patches, you know," he added.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indian-security-forces-gun-down-two-terrorists-in-j-ks-baramulla-758576">Indian security forces gun down three terrorists in J-K's Baramulla</a>

"We have fantastic bilateral relations with both China and India... Both countries continue to support us."

China has pledged more funding since last year's victory by Muizzu, who thanked the country for its "selfless assistance" for development funds on a state visit to Beijing shortly after taking power.&nbsp;

Official data showed the Maldives' foreign debt at $3.37 billion in the first quarter of this year, equating to around 45 per cent of gross domestic product.

China accounted for about 20 per cent of the external debt while India owned just under 18 percent.

Zameer's visit came days after Moody's Ratings downgraded the Maldives' credit rating by one notch to Caa2, considered a high credit risk.&nbsp;

Fellow ratings agency Fitch downgraded the Maldives in June, saying that dwindling foreign currency reserves posed a financial risk.

It said the government's debt servicing obligations, amounting to $409 million this year, would add to severe stress.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

The Maldives says its financial troubles are "temporary" and the luxury tourist destination has no plans to seek an International Monetary Fund bailout after warnings of a possible sovereign default.

The Maldives says its financial troubles are "temporary" and the luxury tourist destination has no plans to seek an International Monetary Fund bailout after warnings of a possible sovereign default. Foreign Minister Moosa Zameer said the Indian Ocean archipelago, best known for its upscale resorts and celebrity visitors, was pressing ahead with tax hikes to meet its debt servicing obligations. "We have bilateral partners who are very sensitive to our needs and our situation," Zameer told reporters in Colombo on Friday night. "I seriously don't think it is a time where we will be right now engaging with the IMF... The issue that we have is very temporary because currently we are having a dip in reserves." He said tax reforms, along with the rationalisation of state-owned enterprises, would improve liquidity. Zameer was visiting Sri Lanka along with Finance Minister Mohamed Shafeeq to meet with local central bankers and other officials. China and India are the two largest bilateral lenders to the Maldives, a tiny nation of 1,192 tiny coral islands in the Indian Ocean scattered across the equator. President Mohamed Muizzu came to power a year ago on the back of a campaign to evict a small contingent of Indian troops deployed in the Maldives and pursue closer ties with China. - 'Rough patches' - After the removal of the troops, the two nations have mended fences and had "cleared misunderstandings," Zameer said. "At the start of our government, we did have some rough patches, you know," he added. Also read: Indian security forces gun down three terrorists in J-K's Baramulla "We have fantastic bilateral relations with both China and India... Both countries continue to support us." China has pledged more funding since last year's victory by Muizzu, who thanked the country for its "selfless assistance" for development funds on a state visit to Beijing shortly after taking power. Official data showed the Maldives' foreign debt at $3.37 billion in the first quarter of this year, equating to around 45 per cent of gross domestic product. China accounted for about 20 per cent of the external debt while India owned just under 18 percent. Zameer's visit came days after Moody's Ratings downgraded the Maldives' credit rating by one notch to Caa2, considered a high credit risk. Fellow ratings agency Fitch downgraded the Maldives in June, saying that dwindling foreign currency reserves posed a financial risk. It said the government's debt servicing obligations, amounting to $409 million this year, would add to severe stress. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Maldives rules out IMF bailout despite financial woes, plans tax hikes to manage debt

The two Maldivian ministers, who were suspended for their alleged "derogatory remarks" against Indian Prime Minister Narendra Modi, resigned on Tuesday.&nbsp;

Maldivian President Mohamed Muizzu suspended three ministers in January for their remarks, with one minister reportedly calling PM Modi a "clown".&nbsp;

A Maldivian government official said that both ministers, Mariyam Shiuna and Malsha Shareef, had resigned citing "personal reasons".&nbsp;

Watch |&nbsp;India-Maldives ties: India reaffirms support for projects in Maldives

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According to the official sources, the resignations came ahead of a potential visit by Muizzu to India.&nbsp;

<h2>Maldivian President to visit India&nbsp;</h2>

Amid the strained ties between the two countries, Maldivian President will be travelling to New Delhi on an official visit "very soon", his spokesperson confirmed.&nbsp;

Heena Waleed, the chief spokesperson at the President's Office, announced his visit on the same day the two ministers resigned.&nbsp;

"The President is scheduled to visit India very soon. As you are aware, such trips are scheduled for a time of maximum convenience to leaders of the two countries. Discussions regarding this are in progress," she said during a press conference.

After the ministers made those remarks, the country's foreign ministry distanced itself from their remarks, saying they did not represent the views of the Male government.

The ties between the two countries have been strained since Maldivian President Muizzu took charge as president.&nbsp;

Within a few hours of taking oath, he demanded the withdrawal of Indian military personnel manning three aviation platforms gifted by India to the Maldives.&nbsp;

<a href="https://www.wionews.com/india-news/s-jaishankar-begins-3-day-maldives-visit-today-amid-tense-relations-748629">Also read:&nbsp;Indian FM S. Jaishankar to begin 3-day Maldives visit amid tense relations</a>

After holding talks, the Indian military personnel were replaced by civilians.&nbsp;

The Maldives is one of India's key maritime neighbours in the Indian Ocean region and the overall bilateral ties, including in the areas of defence and security.&nbsp;

(With inputs from agencies)

The two Maldivian ministers, who were suspended for their alleged "derogatory remarks" against Indian Prime Minister Narendra Modi, resigned on Tuesday. Maldivian President Mohamed Muizzu suspended three ministers in January for their remarks, with one minister reportedly calling PM Modi a "clown".

The two Maldivian ministers, who were suspended for their alleged "derogatory remarks" against Indian Prime Minister Narendra Modi, resigned on Tuesday. Maldivian President Mohamed Muizzu suspended three ministers in January for their remarks, with one minister reportedly calling PM Modi a "clown". A Maldivian government official said that both ministers, Mariyam Shiuna and Malsha Shareef, had resigned citing "personal reasons". Watch | India-Maldives ties: India reaffirms support for projects in Maldives × According to the official sources, the resignations came ahead of a potential visit by Muizzu to India. Maldivian President to visit India Amid the strained ties between the two countries, Maldivian President will be travelling to New Delhi on an official visit "very soon", his spokesperson confirmed. Heena Waleed, the chief spokesperson at the President's Office, announced his visit on the same day the two ministers resigned. "The President is scheduled to visit India very soon. As you are aware, such trips are scheduled for a time of maximum convenience to leaders of the two countries. Discussions regarding this are in progress," she said during a press conference. After the ministers made those remarks, the country's foreign ministry distanced itself from their remarks, saying they did not represent the views of the Male government. The ties between the two countries have been strained since Maldivian President Muizzu took charge as president. Within a few hours of taking oath, he demanded the withdrawal of Indian military personnel manning three aviation platforms gifted by India to the Maldives. Also read: Indian FM S. Jaishankar to begin 3-day Maldives visit amid tense relations After holding talks, the Indian military personnel were replaced by civilians. The Maldives is one of India's key maritime neighbours in the Indian Ocean region and the overall bilateral ties, including in the areas of defence and security. (With inputs from agencies)

Maldivian ministers resign months after making derogatory remarks against PM Modi; Muizzu to visit India

Former Maldives Vice President Ahmed Adeeb has expressed concerns over loans from China, & the current debt worries of the country. Speaking to our diplomatic correspondent Sidhant Sibal, he said, 'Lot of debt taken from China. High interest loans from commercial banks of China talks with China, but not announced, will they delay, write it off". The Maldives is currently navigating through significant economic challenges, particularly with regards to its debt situation. The country has experienced a significant downgrade in its credit rating by Fitch Ratings, moving from 'CCC+' to 'CC' as of August 29, 2024. He lauded India, pointing to the Delhi's role in support Sri Lanka during economic crisis. He explained, 'India has always helped us. For Sri Lanka, it was India who helped"

Former Maldives VP Ahmed Adeeb takes on China over Maldives' economic crisis

Former Maldives VP Ahmed Adeeb expresses concerns over China Loans

The Maldives, a popular tourist destination, is facing a severe financial crisis as investors rush to offload the country's Islamic bonds, known as sukuk. The selloff has intensified in recent weeks, with the dollar-denominated sukuk due in 2026 dropping below 70 cents on the dollar, a record low. <o:p></o:p>

Further, the risk of default looms large as the Maldives grapples with deteriorating external financing and liquidity metrics. Recent moves by the Bank of Maldives to cap foreign currency spending, coupled with a second Fitch downgrade since June, have triggered a rush to dump the country's debt.<o:p></o:p>

Looming debt crisis<o:p></o:p>

The Maldives has about $500 million in outstanding sukuk debt due in 2026, and all eyes will be on the October 8 coupon payment.&nbsp;Purvi Harlalka, a senior emerging-market sovereign debt strategist at M&amp;G, noted in a Bloomberg report that "without a last-minute foreign exchange infusion from China, the Gulf Cooperation Council (GCC), or India, the non-payment of the October coupon is a plausible scenario.<o:p></o:p>

"Despite gross reserves of $395 million in June, the country's usable reserves are just $45 million.&nbsp;The Maldives Monetary Authority is negotiating a $400 million currency swap with India, but Fitch's downgrade to CC underscores rising default concerns.<o:p></o:p>

What are going to&nbsp;be the implications for the economy?<o:p></o:p>

The Maldives' economy, heavily reliant on tourism, has been recovering from the impact of the COVID-19 pandemic. However, the country remains dependent on imports and a dollar peg that continues to strain reserves.<o:p></o:p>

Soeren Moerch, a portfolio manager at Danske Bank, said the bank sold most of its bonds in early summer as reserves fell. "Things are much worse now," he said, adding that the key question is whether Muslim nations will allow the Maldives to default on a sukuk bond?<o:p></o:p>

Geopolitical tensions<o:p></o:p>

The ruling People's National Congress, led by pro-China President Mohamed Muizzu, secured a parliamentary majority earlier this year, complicating the geopolitical landscape.&nbsp;The "India Out" campaign and lack of USD liquidity are red flags for some investors, like Maciej Woznica of Coeli Frontier Markets, who remain cautious about reinvesting in the country.<o:p></o:p>

Hence, it is clear that Maldives faces a severe financial crisis as investors dump the country's Islamic bonds due to fears of default. The Maldives government must act quickly to address the deteriorating economic situation and secure foreign exchange infusions to avoid a potential default on its sukuk debt. Further, the governments also needs to think through a way to completely revive the economy along with maintaining healthy relations with neighbors. <o:p></o:p>

The Maldives, a popular tourist destination, is facing a severe financial crisis as investors rush to offload the country's Islamic bonds, known as sukuk. The selloff has intensified in recent weeks, with the dollar-denominated sukuk due in 2026 dropping below 70 cents on the dollar, a record low.

The Maldives, a popular tourist destination, is facing a severe financial crisis as investors rush to offload the country's Islamic bonds, known as sukuk. The selloff has intensified in recent weeks, with the dollar-denominated sukuk due in 2026 dropping below 70 cents on the dollar, a record low. Further, the risk of default looms large as the Maldives grapples with deteriorating external financing and liquidity metrics. Recent moves by the Bank of Maldives to cap foreign currency spending, coupled with a second Fitch downgrade since June, have triggered a rush to dump the country's debt. Looming debt crisis The Maldives has about $500 million in outstanding sukuk debt due in 2026, and all eyes will be on the October 8 coupon payment. Purvi Harlalka, a senior emerging-market sovereign debt strategist at M&G, noted in a Bloomberg report that "without a last-minute foreign exchange infusion from China, the Gulf Cooperation Council (GCC), or India, the non-payment of the October coupon is a plausible scenario. "Despite gross reserves of $395 million in June, the country's usable reserves are just $45 million. The Maldives Monetary Authority is negotiating a $400 million currency swap with India, but Fitch's downgrade to CC underscores rising default concerns. What are going to be the implications for the economy? The Maldives' economy, heavily reliant on tourism, has been recovering from the impact of the COVID-19 pandemic. However, the country remains dependent on imports and a dollar peg that continues to strain reserves. Soeren Moerch, a portfolio manager at Danske Bank, said the bank sold most of its bonds in early summer as reserves fell. "Things are much worse now," he said, adding that the key question is whether Muslim nations will allow the Maldives to default on a sukuk bond? Geopolitical tensions The ruling People's National Congress, led by pro-China President Mohamed Muizzu, secured a parliamentary majority earlier this year, complicating the geopolitical landscape. The "India Out" campaign and lack of USD liquidity are red flags for some investors, like Maciej Woznica of Coeli Frontier Markets, who remain cautious about reinvesting in the country. Hence, it is clear that Maldives faces a severe financial crisis as investors dump the country's Islamic bonds due to fears of default. The Maldives government must act quickly to address the deteriorating economic situation and secure foreign exchange infusions to avoid a potential default on its sukuk debt. Further, the governments also needs to think through a way to completely revive the economy along with maintaining healthy relations with neighbors.

Traders dump Maldives debt amid growing default risks

The Maldives Police Service (MPS) has commenced a probe into allegations that the opposition tried to stage a coup d’etat after the Bank of Maldives (BML) decision on Sunday to suspend foreign transaction allowances on debit and credit cards related to Maldivian Rufiyaa (MVR) accounts.

Coup allegations against Maldives' opposition & Bank of Maldives

Maldives is spiraling into a financial crisis that threatens not only its regional standing but the livelihoods of its citizens. Reports indicate that the country's usable dollar reserves have completely run dry. Watch in for more details!

Maldives' Economy on the brink: Citizens struggle as Maldives Reserves dry up | Gravitas

Police in the Maldives are investigating an alleged attempt to topple President Mohamed Muizzu by stirring anger over the Indian Ocean archipelago's worsening financial woes.

Last week, the main commercial bank in the upmarket tourist destination drastically reduced the foreign exchange spending allowed for Maldivians, sparking widespread anger.

Muizzu has slammed the move as an "illegal attempt" to overthrow his government, by making him unpopular and encouraging street protests.

"An investigation has been launched into the alleged coup attempt," the police said in a statement late Monday.

There have been no demonstrations in the capital Male, but scathing criticism of the government has erupted online.

"Hundreds of 'bot' accounts have been used on social media to encourage people to take to the streets to overthrow the government and incite public unrest," police said.

The bank said the changes, which they have since rescinded, came "in response to the escalating usage of foreign currency spend on cards and the static sale of foreign currency to the Bank".

The international credit rating agency Fitch downgraded the Maldives in June and warned it could be headed for a sovereign default, after its foreign currency reserves dropped to $492 million in May.

The downgrade came weeks after the IMF warned the Maldives against a looming "debt distress", as the small but strategically placed country eyes further borrowing from main creditor China.

<h2>Pivot to China</h2>

Official data showed the Maldives' foreign debt reaching $4.038 billion last year, about 118 percent of gross domestic product, an increase of nearly $250 million from 2022.

Fitch had noted the government's debt servicing obligations, amounting to $409 million this year, would add to severe stress.

The crisis escalated over the weekend, when the Bank of Maldives Limited (BML) stopped debit card transactions and allowed a maximum monthly credit card spend of $100 for online transactions.

Maldivians use their cards to pay for tuition and medical treatment abroad apart from online purchases.

Also read |&nbsp;<a href="https://www.wionews.com/world/maldives-president-thanks-india-for-debt-relief-hopes-for-fta-with-new-delhi-745030">Maldives president thanks India for debt relief, hopes for FTA with New Delhi</a>

Muizzu told supporters late Monday the bank decision was a plot to discredit him, and accused some BML directors of being loyal to the former government.

"There is room to believe that this (cap on spending) was an illegal attempt to overthrow a legitimate government," Muizzu said.

The bank on Sunday raised forex spending limits after the Maldives Monetary Authority intervened.

Also watch |&nbsp;Indian tourist numbers slump in Maldives

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Political parties have called on the government to tax hotels in foreign currency.

Since winning office last year, Muizzu has reoriented his nation from traditional benefactor India and towards China.

As of June 2023, the Export-Import Bank of China owned 25.2 percent of the Maldives' external debt and was the country's biggest single lender, Male's finance ministry figures showed.

Police in the Maldives are investigating an alleged attempt to topple President Mohamed Muizzu by stirring anger over the Indian Ocean archipelago's worsening financial woes.

Police in the Maldives are investigating an alleged attempt to topple President Mohamed Muizzu by stirring anger over the Indian Ocean archipelago's worsening financial woes. Last week, the main commercial bank in the upmarket tourist destination drastically reduced the foreign exchange spending allowed for Maldivians, sparking widespread anger. Muizzu has slammed the move as an "illegal attempt" to overthrow his government, by making him unpopular and encouraging street protests. "An investigation has been launched into the alleged coup attempt," the police said in a statement late Monday. There have been no demonstrations in the capital Male, but scathing criticism of the government has erupted online. "Hundreds of 'bot' accounts have been used on social media to encourage people to take to the streets to overthrow the government and incite public unrest," police said. The bank said the changes, which they have since rescinded, came "in response to the escalating usage of foreign currency spend on cards and the static sale of foreign currency to the Bank". The international credit rating agency Fitch downgraded the Maldives in June and warned it could be headed for a sovereign default, after its foreign currency reserves dropped to $492 million in May. The downgrade came weeks after the IMF warned the Maldives against a looming "debt distress", as the small but strategically placed country eyes further borrowing from main creditor China. Pivot to China Official data showed the Maldives' foreign debt reaching $4.038 billion last year, about 118 percent of gross domestic product, an increase of nearly $250 million from 2022. Fitch had noted the government's debt servicing obligations, amounting to $409 million this year, would add to severe stress. The crisis escalated over the weekend, when the Bank of Maldives Limited (BML) stopped debit card transactions and allowed a maximum monthly credit card spend of $100 for online transactions. Maldivians use their cards to pay for tuition and medical treatment abroad apart from online purchases. Also read | Maldives president thanks India for debt relief, hopes for FTA with New Delhi Muizzu told supporters late Monday the bank decision was a plot to discredit him, and accused some BML directors of being loyal to the former government. "There is room to believe that this (cap on spending) was an illegal attempt to overthrow a legitimate government," Muizzu said. The bank on Sunday raised forex spending limits after the Maldives Monetary Authority intervened. Also watch | Indian tourist numbers slump in Maldives × Political parties have called on the government to tax hotels in foreign currency. Since winning office last year, Muizzu has reoriented his nation from traditional benefactor India and towards China. As of June 2023, the Export-Import Bank of China owned 25.2 percent of the Maldives' external debt and was the country's biggest single lender, Male's finance ministry figures showed.

Maldives police probe alleged bid to topple government

Bank of Maldives (BML) has announced the suspension of foreign transaction allowances for cards linked to Maldivian Rufiyaa (MVR) accounts. WION tells you more insights in this report.

Maldives: BML announces card limits for foreign transactions

In a major high-level interaction between India and the Maldives, Indian External Affairs Minister (EAM)&nbsp;Dr S Jaishankar is visiting the South Asian archipelago nation amid months of bilateral unease between the two sides since pro-China President Muhammad Muizzu was elected to power on an 'India Out' plank, a euphemism to the purported exit of a small number of Indian troops stationed in the island nation.&nbsp;

Jaishankar met President Muizzu in Malé&nbsp;and accompanied his Maldivian counterpart Moosa Zameer for a site visit to the Greater Malé Connectivity Project, an India-funded $500 million&nbsp;road project currently under construction that aims to link the capital&nbsp;with the islands of Villingli, Gulhifalhu, and Thilafushi in the Maldives. The Greater Malé Connectivity Project is not only the biggest project India is funding in the Maldives but also the biggest infrastructure project in the island nation&nbsp;overall.

Also read |&nbsp;<a href="https://www.wionews.com/world/maldives-president-thanks-india-for-debt-relief-hopes-for-fta-with-new-delhi-745030">Maldives president thanks India for debt relief, hopes for FTA with New Delhi</a> 
&nbsp; 
"It was a pleasure to meet Dr S Jaishankar today and join him in the official handover of water and sewerage projects in 28 islands of the Maldives," Muizzu said in a post on X (formerly Twitter).

He&nbsp;also thanked the government of India and Prime Minister Narendra&nbsp;Modi for the support provided to the Maldives.

Muizzu said, "I thank the Government of India, especially Prime Minister Narendra Modi for always supporting the Maldives. Our enduring partnership continues to strengthen, bringing our nations closer through cooperation in security, development, and cultural exchange. Together, we build a brighter, more prosperous future for the region."

Following the meeting, the EAM&nbsp;shared a message on X stating, "Privileged to call on President Dr Mohamed Muizzu. Conveyed greetings of PM @NarendraModi. Committed to deepening India-Maldives ties for the benefit of our people and the region."

Jaishankar also virtually inaugurated and handed over the water and sanitation projects that benefit 28 islands of the Maldives.

Also watch |&nbsp;Indian tourist numbers slump in Maldives

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"This project has brought safe drinking water to so many islands, to 32 islands and introduced sewerage system in 17 islands. I am happy to note that this has directly impacted the lives of 28,000 Maldivians I believe. And under this project, latest technologies have been used to provide clean drinking water and safe sewerage disposal. In addition, the buildings are also equipped with solar energy providing support to the island grids. With a total funding of a USD 110 million, this is the largest climate adaptation implemented in Maldives with international collaboration," Jaishankar said.&nbsp;

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Joined Foreign Minister <a href="https://twitter.com/MoosaZameer?ref_src=twsrc%5Etfw">@MoosaZameer</a> and Construction &amp; Infrastructure Minister <a href="https://twitter.com/muththo?ref_src=twsrc%5Etfw">@muththo</a> for a site visit to the Greater Malé Connectivity Project. 
 
The flagship project will enhance connectivity and stimulate the economy. <a href="https://t.co/sC9y1sIyss">pic.twitter.com/sC9y1sIyss</a>
— Dr. S. Jaishankar (@DrSJaishankar) <a href="https://twitter.com/DrSJaishankar/status/1822280514763444260?ref_src=twsrc%5Etfw">August 10, 2024</a></blockquote>
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Earlier, President Muizzu recognised India consistently being "one of the closest" allies to Maldives. "India has always been one of the closest allies and invaluable partners, facilitating and providing aid whenever Maldives has needed it," acknowledged Muizzu according to a press release issued by the Maldives government.

In a major high-level interaction between India and the Maldives, Indian External Affairs Minister (EAM) Dr S Jaishankar is visiting the South Asian archipelago nation amid months of bilateral unease between the two sides since pro-China President Muhammad Muizzu was elected to power on an 'India Out' plank, a euphemism to the purported exit of a small number of Indian troops stationed in the island nation.

In a major high-level interaction between India and the Maldives, Indian External Affairs Minister (EAM) Dr S Jaishankar is visiting the South Asian archipelago nation amid months of bilateral unease between the two sides since pro-China President Muhammad Muizzu was elected to power on an 'India Out' plank, a euphemism to the purported exit of a small number of Indian troops stationed in the island nation. Jaishankar met President Muizzu in Malé and accompanied his Maldivian counterpart Moosa Zameer for a site visit to the Greater Malé Connectivity Project, an India-funded $500 million road project currently under construction that aims to link the capital with the islands of Villingli, Gulhifalhu, and Thilafushi in the Maldives. The Greater Malé Connectivity Project is not only the biggest project India is funding in the Maldives but also the biggest infrastructure project in the island nation overall. Also read | Maldives president thanks India for debt relief, hopes for FTA with New Delhi "It was a pleasure to meet Dr S Jaishankar today and join him in the official handover of water and sewerage projects in 28 islands of the Maldives," Muizzu said in a post on X (formerly Twitter). He also thanked the government of India and Prime Minister Narendra Modi for the support provided to the Maldives. Muizzu said, "I thank the Government of India, especially Prime Minister Narendra Modi for always supporting the Maldives. Our enduring partnership continues to strengthen, bringing our nations closer through cooperation in security, development, and cultural exchange. Together, we build a brighter, more prosperous future for the region." Following the meeting, the EAM shared a message on X stating, "Privileged to call on President Dr Mohamed Muizzu. Conveyed greetings of PM @NarendraModi. Committed to deepening India-Maldives ties for the benefit of our people and the region." Jaishankar also virtually inaugurated and handed over the water and sanitation projects that benefit 28 islands of the Maldives. Also watch | Indian tourist numbers slump in Maldives × "This project has brought safe drinking water to so many islands, to 32 islands and introduced sewerage system in 17 islands. I am happy to note that this has directly impacted the lives of 28,000 Maldivians I believe. And under this project, latest technologies have been used to provide clean drinking water and safe sewerage disposal. In addition, the buildings are also equipped with solar energy providing support to the island grids. With a total funding of a USD 110 million, this is the largest climate adaptation implemented in Maldives with international collaboration," Jaishankar said. Joined Foreign Minister @MoosaZameer and Construction & Infrastructure Minister @muththo for a site visit to the Greater Malé Connectivity Project. The flagship project will enhance connectivity and stimulate the economy. pic.twitter.com/sC9y1sIyss — Dr. S. Jaishankar (@DrSJaishankar) August 10, 2024 × Earlier, President Muizzu recognised India consistently being "one of the closest" allies to Maldives. "India has always been one of the closest allies and invaluable partners, facilitating and providing aid whenever Maldives has needed it," acknowledged Muizzu according to a press release issued by the Maldives government.

Jaishankar in Maldives: India delivers drinking water project;  Greater Malé Connectivity Project in focus

Maldives President Dr Mohamed Muizzu has thanked India for the debt relief that has economically helped his country. Addressing a gathering at the Maldives Centre for Social Education (MCSE) last week, the president expressed his "sincere gratitude" to China and India "for their support in easing the Maldives’ debt repayment, thereby enabling the country to ensure economic sovereignty", according to a statement from Maldives' president office.

The Indian government has provided budget support of $50 million to the Maldives. This support was in form of a rollover of a $50 million Treasury Bill, for an additional year, through the State Bank of India, Male, announced in May this year.

During this year's budget for FY 2024-2025, the Indian government allocated Rs 400 crore ($47.7 million) for infra development and community projects.

<a href="https://www.wionews.com/india-news/india-reaffirms-support-for-projects-in-maldives-741966">Also read |&nbsp;India reaffirms support for projects in Maldives</a>

The Maldives saw a significant increase in the revised Indian budget for FY 2023-2024, rising to Rs 770.90 crore ($91.9 million), indicating ongoing support for its major infrastructure projects.

The Maldives president also announced that his government is in negotiation with India to facilitate currency swap agreement.&nbsp;

This financial arrangement would enable the Maldives to address local shortages of US dollars, thereby helping the country manage its liquidity and hedge against foreign exchange risks more effectively

<a href="https://www.wionews.com/videos/india-maldives-review-withdrawal-of-indian-military-personnel-701519">Watch |&nbsp;India, Maldives review withdrawal of Indian military personnel</a>

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President Muizzu expressed "hope" for a free trade agreement with India. The country is currently negotiating a Free Trade Agreement (FTA) with the United Kingdom and is set to sign an FTA with Türkiye which is "nearing completion". The Maldives-Türkiye FTA would enable duty exemptions or reductions for 53 types of products.

Maldives President Dr Mohamed Muizzu has thanked India for the debt relief that has economically helped his country. Addressing a gathering at the Maldives Centre for Social Education (MCSE) last week, the president expressed his "sincere gratitude" to China and India "for their support in easing the Maldives’ debt repayment, thereby enabling the country to ensure economic sovereignty", according to a statement from Maldives' president office.

Maldives President Dr Mohamed Muizzu has thanked India for the debt relief that has economically helped his country. Addressing a gathering at the Maldives Centre for Social Education (MCSE) last week, the president expressed his "sincere gratitude" to China and India "for their support in easing the Maldives’ debt repayment, thereby enabling the country to ensure economic sovereignty", according to a statement from Maldives' president office. The Indian government has provided budget support of $50 million to the Maldives. This support was in form of a rollover of a $50 million Treasury Bill, for an additional year, through the State Bank of India, Male, announced in May this year. During this year's budget for FY 2024-2025, the Indian government allocated Rs 400 crore ($47.7 million) for infra development and community projects. Also read | India reaffirms support for projects in Maldives The Maldives saw a significant increase in the revised Indian budget for FY 2023-2024, rising to Rs 770.90 crore ($91.9 million), indicating ongoing support for its major infrastructure projects. The Maldives president also announced that his government is in negotiation with India to facilitate currency swap agreement. This financial arrangement would enable the Maldives to address local shortages of US dollars, thereby helping the country manage its liquidity and hedge against foreign exchange risks more effectively Watch | India, Maldives review withdrawal of Indian military personnel × President Muizzu expressed "hope" for a free trade agreement with India. The country is currently negotiating a Free Trade Agreement (FTA) with the United Kingdom and is set to sign an FTA with Türkiye which is "nearing completion". The Maldives-Türkiye FTA would enable duty exemptions or reductions for 53 types of products.

Maldives president thanks India for debt relief, hopes for FTA with New Delhi

Amid a diplomatic standoff India has reaffirmed its support for major infrastructure projects in the Maldives. This comes after there has been a turnaround in the ties with the island nation. India has reaffirmed its commitment to major infrastructure in the Maldives as ties between the 2 countries see an uptick. Maldives Minister of Construction & Infrastructure Dr Abdulla Muththalib, Maldives Minister of Transport & Civil Aviation Mohamed Ameen and Indian High Commissioner Munu Mahawar made an official visit to Hanimaadhoo International Airport Development Site earlier this week. The project, developed with Indian support and assistance, is around 67 per cent complete. Watch in for more details!

India-Maldives ties: India reaffirms support for projects in Maldives

Amid a diplomatic standoff India has reaffirmed its support for major infrastructure projects in the Maldives. This comes after there has been a turnaround in the ties with the island nation. Watch in for more details!

India aids Maldives in construction of Hanimaadhoo Airport

India has reaffirmed its commitment to major infrastructure in the Maldives&nbsp;as ties between the 2 countries see an uptick. Maldives Minister of Construction &amp; Infrastructure Dr Abdulla Muththalib, Maldives Minister of Transport &amp; Civil Aviation Mohamed Ameen and Indian High Commissioner Munu Mahawar made an official visit to Hanimaadhoo International Airport Development Site earlier this week. The project, developed with Indian support and assistance, is around 67 per cent complete.

Explaining how the project will help the country, Indian High Commissioner Mahawar said, "Hanimaadhoo International Airport project is a major infrastructure project that is being implemented with Indian support and Indian assistance in Maldives. This project will have a transformative impact for the entire northern region of Maldives. It will improve connectivity, it will boost tourism and it will also stimulate other economic activities."

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Hanimadhoo International Airport, being built under Indian LoC assistance, will have a transformative impact on northern region of Maldives. 
 
Appreciate significant progress seen during site visit by <a href="https://twitter.com/AmbMunu?ref_src=twsrc%5Etfw">@AmbMunu</a> with Ministers of Infrastructure <a href="https://twitter.com/muththo?ref_src=twsrc%5Etfw">@muththo</a>, &amp; Civil Aviation <a href="https://twitter.com/ameen3d?ref_src=twsrc%5Etfw">@ameen3d</a>. <a href="https://t.co/lQN4A9s9hO">https://t.co/lQN4A9s9hO</a> <a href="https://t.co/n4nrZtZfDL">pic.twitter.com/n4nrZtZfDL</a>
— India in Maldives (@HCIMaldives) <a href="https://twitter.com/HCIMaldives/status/1813574521498058999?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote>
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The&nbsp;Ceremony of the Hanimaadhoo International Airport Redevelopment Project was done by EAM Jaishankar during a visit to Maldives in January 2023. The Indian High Commissioner pointed out that, "once this project is completed, it will be a shining symbol of India Maldives Development Partnership. It will also be yet another example of the capacity of Indian companies to deliver major projects."

India has been involved in 47 High Impact Community Development Projects in the Maldives, from the procurement of school buses to the development of outdoor gyms to the installation of Street Lights in the country. The biggest project which Delhi is supporting is the Greater Male Connectivity Project, which connects the capital Male to Villingili, Gulhifalhu and Thilafushi islands through a series of bridges, causeways, and roads. It is funded through a separate USD 400 million LoC and USD 100 million grant from India.

India's reaffirmation comes&nbsp;as a turnaround in ties has been seen, especially with the recent visit of Maldives President Muizzu and Foreign Minister Moosa Zameer to India. Maldives President made a visit to India last month when he attended the oath-taking ceremony of PM Modi.

India has reaffirmed its commitment to major infrastructure in the Maldives as ties between the 2 countries see an uptick. Maldives Minister of Construction & Infrastructure Dr Abdulla Muththalib, Maldives Minister of Transport & Civil Aviation Mohamed Ameen and Indian High Commissioner Munu Mahawar made an official visit to Hanimaadhoo International Airport Development Site earlier this week.

India has reaffirmed its commitment to major infrastructure in the Maldives as ties between the 2 countries see an uptick. Maldives Minister of Construction & Infrastructure Dr Abdulla Muththalib, Maldives Minister of Transport & Civil Aviation Mohamed Ameen and Indian High Commissioner Munu Mahawar made an official visit to Hanimaadhoo International Airport Development Site earlier this week. The project, developed with Indian support and assistance, is around 67 per cent complete. Explaining how the project will help the country, Indian High Commissioner Mahawar said, "Hanimaadhoo International Airport project is a major infrastructure project that is being implemented with Indian support and Indian assistance in Maldives. This project will have a transformative impact for the entire northern region of Maldives. It will improve connectivity, it will boost tourism and it will also stimulate other economic activities." Hanimadhoo International Airport, being built under Indian LoC assistance, will have a transformative impact on northern region of Maldives. Appreciate significant progress seen during site visit by @AmbMunu with Ministers of Infrastructure @muththo, & Civil Aviation @ameen3d. https://t.co/lQN4A9s9hO pic.twitter.com/n4nrZtZfDL — India in Maldives (@HCIMaldives) July 17, 2024 × The Ceremony of the Hanimaadhoo International Airport Redevelopment Project was done by EAM Jaishankar during a visit to Maldives in January 2023. The Indian High Commissioner pointed out that, "once this project is completed, it will be a shining symbol of India Maldives Development Partnership. It will also be yet another example of the capacity of Indian companies to deliver major projects." India has been involved in 47 High Impact Community Development Projects in the Maldives, from the procurement of school buses to the development of outdoor gyms to the installation of Street Lights in the country. The biggest project which Delhi is supporting is the Greater Male Connectivity Project, which connects the capital Male to Villingili, Gulhifalhu and Thilafushi islands through a series of bridges, causeways, and roads. It is funded through a separate USD 400 million LoC and USD 100 million grant from India. India's reaffirmation comes as a turnaround in ties has been seen, especially with the recent visit of Maldives President Muizzu and Foreign Minister Moosa Zameer to India. Maldives President made a visit to India last month when he attended the oath-taking ceremony of PM Modi.

India reaffirms support for projects in Maldives

The police in the Maldives have arrested two ministers accused of performing "black magic" on president Mohamed Muizzu.

Gravitas | Maldives President Mohamed Muizzu Victim of Black Magic? Police Arrest Two Ministers

According to local media on Thursday, two ministers who are currently in office in the Maldives were taken into custody by police on suspicion of using "black magic" on President Mohamed Muizzu. Watch in for more details!

Maldives: Two ministers arrested over 'black magic' on President Muizzu

Expectations surrounding Maldivian President Mohammad Muizzu's Presence at Prime Minister Modi's Sunday swearing-in ceremony signalling a possible tie reset have taken an unexpected turn. While Muizzu continues meeting the Indian government officials in New Delhi, fresh tensions appear to be brewing back home in Male. A Maldivian parliamentary committee known as Parliament 241 has set up an inquiry committee to look into three agreements made with India.

Muizzu in Delhi: Maldives decides to probe three agreements inked with India

Maldives President Mohamed Muizzu has hailed his two-day visit to India as a significant success, marking a positive step forward in the bilateral ties of the neighbouring countries.&nbsp;President Muizzu was in New Delhi to attend the oath-taking ceremony of Indian Prime Minister Narendra Modi this Sunday.

Speaking to the Maldives government broadcaster, PSM, he expressed his satisfaction with the visit and the outcomes achieved.

Describing his trip as a triumph for both the Maldives and the broader region, President Muizzu said, "I was delighted to receive the PM's invitation and I am equally delighted to have been able to participate in the swearing-in ceremony.&nbsp;I am also really grateful for being able to hold high-level meetings with the PM, President, and EAM Jaishankar."

Also read:&nbsp;<a data-ved="2ahUKEwiX_dqzudOGAxV6avUHHeK3AvkQxfQBKAB6BAgHEAE" href="https://www.wionews.com/south-asia/with-president-muizzu-in-delhi-maldives-open-inquiry-into-three-key-pacts-signed-with-india-730585" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/south-asia/with-president-muizzu-in-delhi-maldives-open-inquiry-into-three-key-pacts-signed-with-india-730585&amp;ved=2ahUKEwiX_dqzudOGAxV6avUHHeK3AvkQxfQBKAB6BAgHEAE">As President Muizzu visits Delhi, Maldives opens inquiry into three key pacts signed with India</a>

In an optimistic tone, he pointed out, "I am confident that strengthened bilateral relations will further boost aspirations for the Maldives in the future.&nbsp;God willing, the strong ties between the two nations will result in increased prosperity for the Maldives and Maldivians alike."

President Muizzu was accompanied by a high-level government delegation. This marks his first official visit to India since assuming office in November of&nbsp; 2023.&nbsp;

On Sunday, President Muizzu met with Prime Minister Modi at Rashtrapati Bhawan, where both leaders engaged in discussions and were seen together at the banquet.

Watch:&nbsp;Maldives' Muizzu in Delhi, Male probes deals with India

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In his meeting with Indian President Droupadi Murmu, President Muizzu expressed his gratitude for the warm hospitality extended to him and acknowledged " India's continuous assistance to the Maldives", a Maldives government readout said.&nbsp;

The readout pointed out that the president is "committed to preserving the close and historic ties with India, and conveyed that he looks forward to further strengthening existing relations between the two countries."

The discussions with India's External Affairs Minister, Dr S. Jaishankar also proved to be productive.

Both sides reaffirmed their commitment to boosting Maldives-India collaboration in the coming years.

Dr Jaishankar, in a post on X following the meeting, expressed his anticipation for closer cooperation between the two nations.

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Delighted to call on President Dr Mohamed Muizzu of Maldives today in New Delhi. 
 
Look forward to India and Maldives working together closely. <a href="https://twitter.com/MMuizzu?ref_src=twsrc%5Etfw">@MMuizzu</a> 
🇮🇳 🇲🇻 <a href="https://t.co/odHJPRK4Ks">pic.twitter.com/odHJPRK4Ks</a>
— Dr. S. Jaishankar (Modi Ka Parivar) (@DrSJaishankar) <a href="https://twitter.com/DrSJaishankar/status/1800055835470803142?ref_src=twsrc%5Etfw">June 10, 2024</a></blockquote>
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President Muizzu's visit follows close on the heels of a recent visit by Maldives Foreign Minister Moosa Zameer to India.

These high-level visits signify a renewed vigour in the diplomatic relations between the two countries, which had experienced a temporary slack earlier this year.

Maldives President Mohamed Muizzu has hailed his two-day visit to India as a significant success, marking a positive step forward in the bilateral ties of the neighbouring countries.

Maldives President Mohamed Muizzu has hailed his two-day visit to India as a significant success, marking a positive step forward in the bilateral ties of the neighbouring countries. President Muizzu was in New Delhi to attend the oath-taking ceremony of Indian Prime Minister Narendra Modi this Sunday. Speaking to the Maldives government broadcaster, PSM, he expressed his satisfaction with the visit and the outcomes achieved. Describing his trip as a triumph for both the Maldives and the broader region, President Muizzu said, "I was delighted to receive the PM's invitation and I am equally delighted to have been able to participate in the swearing-in ceremony. I am also really grateful for being able to hold high-level meetings with the PM, President, and EAM Jaishankar." Also read: As President Muizzu visits Delhi, Maldives opens inquiry into three key pacts signed with India In an optimistic tone, he pointed out, "I am confident that strengthened bilateral relations will further boost aspirations for the Maldives in the future. God willing, the strong ties between the two nations will result in increased prosperity for the Maldives and Maldivians alike." President Muizzu was accompanied by a high-level government delegation. This marks his first official visit to India since assuming office in November of 2023. On Sunday, President Muizzu met with Prime Minister Modi at Rashtrapati Bhawan, where both leaders engaged in discussions and were seen together at the banquet. Watch: Maldives' Muizzu in Delhi, Male probes deals with India × In his meeting with Indian President Droupadi Murmu, President Muizzu expressed his gratitude for the warm hospitality extended to him and acknowledged " India's continuous assistance to the Maldives", a Maldives government readout said. The readout pointed out that the president is "committed to preserving the close and historic ties with India, and conveyed that he looks forward to further strengthening existing relations between the two countries." The discussions with India's External Affairs Minister, Dr S. Jaishankar also proved to be productive. Both sides reaffirmed their commitment to boosting Maldives-India collaboration in the coming years. Dr Jaishankar, in a post on X following the meeting, expressed his anticipation for closer cooperation between the two nations. Delighted to call on President Dr Mohamed Muizzu of Maldives today in New Delhi. Look forward to India and Maldives working together closely. @MMuizzu 🇮🇳 🇲🇻 pic.twitter.com/odHJPRK4Ks — Dr. S. Jaishankar (Modi Ka Parivar) (@DrSJaishankar) June 10, 2024 × President Muizzu's visit follows close on the heels of a recent visit by Maldives Foreign Minister Moosa Zameer to India. These high-level visits signify a renewed vigour in the diplomatic relations between the two countries, which had experienced a temporary slack earlier this year.

Maldives President Mohamed Muizzu terms his India visit a success

Even as President Mohamed Muizzu was visiting India for the inauguration of a new government in New Delhi, Maldives has now taken another major step that could further strain ties. The national security services committee of the People’s Majlis (parliament) of Maldives on Monday (Jun 10) opened a parliamentary inquiry into at least three agreements signed between the two governments under the watch of previous president Ibrahim Solih.

“Today, the National Security Services Committee of the parliament has decided to conduct a parliamentary inquiry to investigate actions undertaken by President @ibusolih’s administration that undermined the sovereignty and independence of the Maldives,” revealed Ahmed Azaan, a Maldivian MP, on social media.

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The agreements between Male and New Delhi were signed between 2018 and 2023, including a hydrography agreement, the pact to construct and maintain a Maldives National Defence Force (MNDF) Coast Guard Harbour at Sifvaru and the agreement to operate Dornier aircraft, according to local media reports.

It must be noted that the Muizzu government has already decided to scrap the agreement on hydrographic surveys. Now, questions are being asked as to why the agreement signed in the first place.

As per media reports, the parliamentary committee has been formed under Article 241 of the constitution of Maldives to "exercise continuing oversight of the operations of the security services”.

Now, a four-member panel of the committee will peruse the details of the agreements and look for discrepancies.

Ahmed Azaan and fellow parliamentarians Ahmed Nazim, Abdul Gafoor Musa and Abdul Hannan Aboobakaru are the four members of the panel.

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Ironically, the development came as Muizzu met Indian Foreign Minister S Jaishankar in New Delhi.

“Delighted to call on President Dr Mohamed Muizzu of Maldives today in New Delhi. Look forward to India and Maldives working together closely,” Jaishankar said on X after the meeting.

Muizzu was amongst the key foreign dignitaries who had been invited to attend the oath-taking ceremony of Prime Minister Narendra Modi and his ministers on June 9. This is his first official visit to India after taking office in November 2023.

(With inputs from agencies)

Even as President Mohamed Muizzu was visiting India for the inauguration of a new government in New Delhi, Maldives has now taken another major step that could further strain ties.

Even as President Mohamed Muizzu was visiting India for the inauguration of a new government in New Delhi, Maldives has now taken another major step that could further strain ties. The national security services committee of the People’s Majlis (parliament) of Maldives on Monday (Jun 10) opened a parliamentary inquiry into at least three agreements signed between the two governments under the watch of previous president Ibrahim Solih. “Today, the National Security Services Committee of the parliament has decided to conduct a parliamentary inquiry to investigate actions undertaken by President @ibusolih’s administration that undermined the sovereignty and independence of the Maldives,” revealed Ahmed Azaan, a Maldivian MP, on social media. Also read: First Modi 3.0 cabinet meet ends, govt to help 300mn people build houses The agreements between Male and New Delhi were signed between 2018 and 2023, including a hydrography agreement, the pact to construct and maintain a Maldives National Defence Force (MNDF) Coast Guard Harbour at Sifvaru and the agreement to operate Dornier aircraft, according to local media reports. It must be noted that the Muizzu government has already decided to scrap the agreement on hydrographic surveys. Now, questions are being asked as to why the agreement signed in the first place. As per media reports, the parliamentary committee has been formed under Article 241 of the constitution of Maldives to "exercise continuing oversight of the operations of the security services”. Now, a four-member panel of the committee will peruse the details of the agreements and look for discrepancies. Ahmed Azaan and fellow parliamentarians Ahmed Nazim, Abdul Gafoor Musa and Abdul Hannan Aboobakaru are the four members of the panel. Also read: Five major global events that will require immediate attention of Modi 3.0 govt Ironically, the development came as Muizzu met Indian Foreign Minister S Jaishankar in New Delhi. “Delighted to call on President Dr Mohamed Muizzu of Maldives today in New Delhi. Look forward to India and Maldives working together closely,” Jaishankar said on X after the meeting. Muizzu was amongst the key foreign dignitaries who had been invited to attend the oath-taking ceremony of Prime Minister Narendra Modi and his ministers on June 9. This is his first official visit to India after taking office in November 2023. (With inputs from agencies)

As President Muizzu visits Delhi, Maldives opens inquiry into three key pacts signed with India

Expectations surrounding Maldivian President Mohammad Muizzu's Presence at Prime Minister Modi's Sunday swearing-in ceremony signalling a possible tie reset have taken an unexpected turn. While Muizzu continues meeting the Indian government officials in New Delhi, fresh tensions appear to be brewing back home in Male. A Maldivian parliamentary committee known as Parliament 241 has set up an inquiry committee to look into Four Agreements made with India.

Maldives' Muizzu in Delhi, Male probes deals with India

The Maldives on Sunday (June 2) declared it would amend a law to effectively ban the entry of Israeli nationals into the South Asian nation.

The country's Minister of Homeland Security and Technology Ali Ihusan said that President Dr Mohamed Muizzu took the decision in a cabinet meeting to ban Israel's passport in the country.

This comes as Muizzu has appointed a special envoy to identify Palestine's requests from the Maldives regarding the ongoing war in Gaza.

The archipelago nation also said it was setting up a fundraising campaign to help Palestinian citizens with the help of the United Nations Relief and Works Agency for Palestine Refugees.

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"President Dr Mohamed Muizzu, following a recommendation from the Cabinet, has resolved to impose a ban on Israeli passports. The Minister of Homeland Security and Technology, Ali Ihsaan, announced the decision at a news conference held at the President's Office this afternoon," a statement by the Maldives President's office read.

As per sources, the government process to make necessary amendments to the law has started.

Meanwhile, the Israeli Ministry of Foreign Affairs asked the Israeli citizens who are currently in the Maldives to try leaving the country after the annoucement.&nbsp;

"If Israelis who are currently in the Maldives encounter trouble, it will be difficult for us to assist them," stated the ministry. 
&nbsp;

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Earlier, Male had condemned Israeli ground offensive and airstrikes in the southern Gazan city of Rafah.

"Such deliberate aggression and genocidal acts targeted against civilians are in gross violation of international humanitarian law," the Maldives Foreign Ministry said in a statement.

It is to be noted that nearly 11,000 Israelis had visited Maldives last year, 0.6 per cent of the total foreign arrivals.&nbsp;

In October last year, Israel had warned its nationals to avoid travelling to the Maldives after it launched the war in Gaza.&nbsp;

Maldives officially backs the idea of the&nbsp;establishment of an independent and sovereign state based on the pre‑1967 borders, with East Jerusalem as its capital.

(With inputs from agencies)

The Maldives on Sunday (June 2) declared it would amend a law to effectively ban the entry of Israeli nationals into the South Asian nation. The country's Minister of Homeland Security and Technology Ali Ihusan said that President Dr Mohamed Muizzu took the decision in a cabinet meeting to ban Israel's passport in the country.

The Maldives on Sunday (June 2) declared it would amend a law to effectively ban the entry of Israeli nationals into the South Asian nation. The country's Minister of Homeland Security and Technology Ali Ihusan said that President Dr Mohamed Muizzu took the decision in a cabinet meeting to ban Israel's passport in the country. This comes as Muizzu has appointed a special envoy to identify Palestine's requests from the Maldives regarding the ongoing war in Gaza. The archipelago nation also said it was setting up a fundraising campaign to help Palestinian citizens with the help of the United Nations Relief and Works Agency for Palestine Refugees. Also read: Maldives Foreign Minister Zameer mindful of concerns over China vessel visit; seeks debt relief from India "President Dr Mohamed Muizzu, following a recommendation from the Cabinet, has resolved to impose a ban on Israeli passports. The Minister of Homeland Security and Technology, Ali Ihsaan, announced the decision at a news conference held at the President's Office this afternoon," a statement by the Maldives President's office read. As per sources, the government process to make necessary amendments to the law has started. Meanwhile, the Israeli Ministry of Foreign Affairs asked the Israeli citizens who are currently in the Maldives to try leaving the country after the annoucement. "If Israelis who are currently in the Maldives encounter trouble, it will be difficult for us to assist them," stated the ministry. Also read: India has played a catalyst role in Maldives' achievement, says Maldives FM Moosa Zameer Earlier, Male had condemned Israeli ground offensive and airstrikes in the southern Gazan city of Rafah. "Such deliberate aggression and genocidal acts targeted against civilians are in gross violation of international humanitarian law," the Maldives Foreign Ministry said in a statement. It is to be noted that nearly 11,000 Israelis had visited Maldives last year, 0.6 per cent of the total foreign arrivals. In October last year, Israel had warned its nationals to avoid travelling to the Maldives after it launched the war in Gaza. Maldives officially backs the idea of the establishment of an independent and sovereign state based on the pre‑1967 borders, with East Jerusalem as its capital. (With inputs from agencies)

Maldives to ban entry of Israeli nationals, President Muizzu gives approval to plan

Maldives is banning Israeli citizens from entering the nation. The decision came as public anger in Maldives rose over the war in Gaza. President Mohamed Muizzu has resolved to impose a ban on Israeli passports as well.

Why did Maldives ban entry of Israeli citizens?

The Maldives a popular tourist destination known for its luxurious resorts is facing a potential debt crisis. The international monetary fund has warned that the island nation is at high risk of debt distress due to heavy reliance on loans particularly from China. Watch in for details!

IMF warns Maldives to change its course on debt

The Maldives military still does not have pilots capable of operating three aircraft donated by India, Defence Minister Ghassan Maumoon has acknowledged, days after 76 Indian defence personnel left the island nation at the instance of Maldives President Mohamed Muizzu. Watch in for more details!

Maldives' pilots unable to fly donated Indian aircraft, says Defence Minister Ghassan Maumoon

Still talking about the Maldives a popular tourist destination known for its luxurious results is facing a potential debt crisis. The International Monetary Fund has warned the island nation is at high risk of debt distress.

Maldives debt soars under China loans

Maldives' defence minister Ghassan Maumoon has admitted that the island's military lacks pilots capable of operating the aircraft donated by India. There is a pilot crisis in the Maldives. Did President Muizzu not see it coming?

Gravitas: Maldives Defence Minister admits to pilot crisis, did Muizzu not see it coming?

Maldives' pilots incapable of flying India's donated aircraft, says Defence Minister Ghassan Maumoon

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