India approves ₹30 billion first withdrawal for Maldives under SAARC Currency Swap Framework

India has approved the first withdrawal of ₹30 billion by the Maldives under the SAARC Currency Swap Framework, reaffirming its continued financial assistance to the island nation.

The funds are being released as part of the first drawdown arrangement agreed between the Reserve Bank of India and the Maldivian government during President Mohamed Muizzu’s state visit to New Delhi in October 2024.

This development comes after the maturity of an earlier $400 million currency swap facility availed by the Maldives in October 2024. The Maldivian Foreign Ministry stated that the repayment demonstrates the government’s commitment to fulfilling its financial obligations.

Since the framework’s inception in 2012, the RBI has extended over $1.1 billion in swap support to the Maldives, helping maintain its financial stability.India’s continued support aligns with its Neighbourhood First policy and Vision MAHASAGAR, reinforcing its role as a trusted partner and first responder in the region.