Source: Financial Times [UK]
“India has unveiled a $760mn bailout for the Maldives after the cash-strapped Indian Ocean archipelago turned to New Delhi to stave off a sovereign default despite attempts by its president to tilt towards China. India’s central bank said on Monday it had agreed currency swap lines of $400mn and Rs30bn ($357mn) to the Maldives, a move that cements New Delhi’s central role in supporting its economy. The swaps were announced during a meeting in New Delhi between Indian Prime Minister Narendra Modi and Mohamed Muizzu, who was elected Maldivian president last year on an ‘India Out’ platform. … But in written remarks issued through his office ahead of Monday’s announcement, Muizzu described India as ‘our closest neighbour, with whom we share deep historical, cultural, and economic ties.'” (10/07/24)