India set to announce ‘substantial’ financial package to aid Maldives’ economy

India has announced plans to provide an additional financial assistance package to support the Maldivian economy and assist in economic recovery post-coronavirus pandemic.

The announcement was made in a message by Indian High Commissioner Sunjay Sudhir on Saturday, on the eve of Maldives’ Independence Day.

Sudhir offered his congratulations to the government and people of Maldives on occasion of Independence Day, and noted that diplomatic relations between Maldives and India was established the same year Maldives gained its independence.

“This year both our countries also celebrate 55 years of diplomatic relations,” he noted.

Sudhir said that India has provided assistance Maldives in the form of medical supplies, medical teams, essential food supplies and financial assistance – including an assistance of USD 400 million through an extended currency swap arrangement to tide over liquidity shortage.

He also announced plans for an additional financial package.

“India will soon announce another substantial financial assistance package to support Maldivian economy and assist in economic recovery post COVID,” he said.

He did not provide further details regarding the financial package in his message.

The Indian High Commission is scheduled to launch a photo exhibition commemorating the history of relations between Maldives and India on Sunday.

“Ours is an all-weather friendship steeped in history and with a glorious future. ‘India First’ policy of Maldives and ‘Neighborhood First’ policy of India have set the foundation of the growing relationship,” said Sudhir, concluding his message.