Maldives News Bulletin - Volume 151

President and First Lady receive ceremonial welcome in India 

President His Excellency Dr Mohamed Muizzu and First Lady Madam Sajidha Mohamed were accorded a ceremonial welcome this morning at Rashtrapati Bhavan, in New Delhi, India. 

The President and First Lady were officially received by Indian President Her Excellency Droupadi Murmu and Prime Minister His Excellency Narendra Modi. 

Upon arrival, a 21-gun salute was conferred on President Dr Muizzu. The President also inspected the Guard of Honour at the ceremony. 

After the welcoming ceremony, the President and First Lady visited Raj Ghat to pay tribute to Mahatma Gandhi. 

 SOURCE : The President’s Office 

Foreign Minister Dr. Khaleel sends Armed Forces Day greetings to the Foreign Minister of Egypt 

Minister of Foreign Affairs, Dr. Abdulla Khaleel has sent a message of felicitations to the Minister for Foreign Affairs of the Arab Republic of Egypt, Badr Abdelatty on the occasion of the Armed Forces Day of Egypt. 

Minister’s message reads as follows: 

“It gives me great pleasure to extend warm greetings and best wishes to Your Excellency, the Government and the people of Egypt on the momentous occasion of the Armed Forces Day celebrated today. 

As you mark this occasion, let me take this opportunity to reiterate the commitment of the Government of Maldives to further expand and strengthen the close bilateral cooperation between the Maldives and Egypt. 

Please accept, Excellency, the assurances of my highest consideration.” 

SOURCE : Ministry of Foreign Affairs

Maldives and India exchange five agreements 

 Maldives and India have exchanged five agreements, including a notable currency swap agreement. The agreements were signed during President Dr. Mohamed Muizzu’s ongoing visit to India. 

The signing ceremony took place at the Presidential Palace, attended by President Dr. Muizzu, Indian Prime Minister Narendra Modi, and officials from both nations. One of the key agreements is the currency swap arrangement, established between the Maldives Monetary Authority and the Reserve Bank of India. 

Additional agreements signed between the Maldives and India include: 

 • Memorandum of Understanding for cooperation between National College of Policing and Law Enforcement and Rashtriya Raksha University 

• Memorandum of Understanding between Anti-Corruption Commission of Maldives and Central Bureau of Investigation of India for bilateral cooperation on preventing and combating corruption 

• Extension of the Memorandum of Understanding Judicial Service Commission of Maldives and National Judicial Academy of India for training and capacity building for 200 Maldivian Judicial Officers 

• Extension of the Memorandum of Understanding between the Government of the Maldives and the Ministry of Youth Affairs and Sports of the Republic of India on cooperation in Sports and Youth Affairs 

The agreements were preceded by the introduction of the Vision Document and the inauguration of the Huravee ship. Additionally, the RuPay Card has been launched in the Maldives, enhancing financial connectivity between the two nations. 

SOURCE : PSM 

President and First Lady meet with the Maldivian community residing in New Delhi

President His Excellency Dr Mohamed Muizzu and First Lady Madam Sajidha Mohamed met with the Maldivian community in New Delhi during their state visit to India.

During the meeting, President Dr Muizzu met with Maldivians living in India and shared his vision for improving consular services to support them more effectively. He emphasised his commitment to shaping initiatives that would ensure comprehensive assistance from the Maldivian government, regardless of their location worldwide. 

Moreover, he expressed his desire to guarantee that every Maldivian abroad would have access to help from their home country when needed.

The President also took time to engage with the community, listening to their concerns and fostering a sense of connection and appreciation.

The President and First Lady also posed for a group photo, further strengthening the bond between the leadership and the Maldivian community.

SOURCE : The President’s Office

Foreign Minister promises to strengthen ties with Maldivians abroad

Minister of Foreign Affairs Dr Abdulla Khaleel has announced plans to enhance relations with Maldivians living abroad and expand the services offered by Maldivian embassies. He made this statement during the President’s visit to India where he met with Maldivians residing in New Delhi.

The Foreign Minister highlighted the strong ties India has cultivated in sectors such as medicine, education, and trade. He emphasized the importance of promoting Maldivian values, particularly Islamic upbringing and culture, among Maldivian families living overseas.

Minister Dr Khaleel noted that the President is committed to making embassy and consular services as accessible as possible for Maldivians abroad. He reiterated the importance of Maldivian representatives acting as service providers who closely engage with their communities.

The Minister acknowledged that significant efforts are needed to strengthen the existing relationships between Maldivians abroad, the Foreign Ministry, and the embassies. He also pointed out the need for improved support for those living outside the Maldives.

Dr. Khaleel expressed confidence that the President’s initiatives will enhance the well-being of Maldivians in New Delhi and affirmed that the Foreign Ministry and the embassy will work diligently to foster strong connections with the community.

SOURCE : PSM

Maldives signs USD 400 million currency swap agreement with India

The Maldives has entered into a currency swap agreement with India valued at USD 400 million, which also includes an additional INR 30 billion (approximately USD357 million).

This agreement was signed during President Dr Mohamed Muizzu’s ongoing visit to India. The Monetary Authority of Maldives (MMA) formalized the deal with the Reserve Bank of India (RBI), with MMA Governor Ahmed Munawwar representing the Maldives.

The agreement enables the MMA to conduct swaps through two currency windows: US Dollar/Euro and Indian Rupee. Under the “Framework on Currency Swap Arrangement for SAARC Countries 2027–2024,” the MMA will be able to draw on swaps of up to USD400 million and Indian Rupees 30 billion as needed.

The dollar/euro swap facility aims to support short-term foreign exchange requirements, while the Indian Rupee Swap Facility is designed to facilitate trade transactions between India and the Maldives using the local currency. This arrangement is expected to enhance and strengthen trade relations between the two nations.

SOURCE : PSM

Maldives and India inaugurate Hanimaadhoo Airport’s new runway

The new runway of Hanimaadhoo International Airport in Haa Dhaalu Atoll has been completed and officially inaugurated by President Dr Mohamed Muizzu and Indian Prime Minister Narendra Modi during the President’s official visit to India. The project was contracted to JMC Projects Limited of India.

The construction of the new runway began in January 2023 as part of the Hanimaadhoo International Airport Redevelopment Project. The runway itself was the first major focus, with a new length of 2,465 meters. 

However, due to conflicts between the old and new runways, the first phase of the project developed a 1,200-meter section of the new runway, which was opened on January 28 this year.

While the previous runway could accommodate 150-seater aircraft, the new runway is designed to handle larger planes with capacities of 250-300 passengers. 

The project is valued at USD 136.6 million and is one of the largest of the atolls of the country. The airport is expected to handle up to 1.3 million passengers annually and accommodate Airbus A320 and Boeing 737 aircraft for international flights, enabling direct routes to Hanimaadhoo from around the world. The government also aims to complete all aspects of the project by next year.

President Dr Muizzu has also announced plans to extend the runway by an additional 700 meters to support the government’s goal of accommodating the 9,000 new tourist beds planned for the region.

SOURCE : PSM

President notes strong people-to-people ties as core of Maldives-India relations

President Dr Mohamed Muizzu has emphasised that people-to-people connections are fundamental to the relationship between the Maldives and India. His remarks came during the ceremony held to exchange key agreements between the two countries.

President Dr Muizzu underscored the importance of the Maldives-India partnership, reflecting on discussions with Prime Minister Modi about a comprehensive vision document aimed at enhancing bilateral cooperation in economic development, maritime security, health, and security. He expressed gratitude for India’s ongoing support in infrastructure and socioeconomic development, noting financial assistance through currency swap agreements and T-Bills.

Additionally, the inauguration of the Hanimaadhoo airport runway was celebrated for its potential to boost connectivity and economic growth. Several agreements were signed to promote collaboration in youth initiatives, sports, anti-corruption efforts, and capacity building, fostering transparency and accountability.

President Dr Muizzu also expressed optimism about concluding a Free Trade Agreement with India to unlock economic potential and attract Indian investments in tourism and development. He shared a vision for increasing Indian tourist arrivals, fostering mutual growth and understanding.

Reaffirming the Maldives’ commitment to strengthening ties with India, he highlighted the importance of high-level exchanges. He noted that a resilient Maldives is crucial for peace in the Indian Ocean, with India as a vital maritime security partner. As next year marks 60 years of diplomatic relations, President Dr Muizzu invited Prime Minister Modi for a commemorative visit.

He concluded by reiterating the Maldives’ commitment to a collaborative future that benefits both nations and promotes peace and development in the region.

SOURCE : PSM

Education Minister reveals measures to be taken for mental health of teachers

Minister of Education Dr Ismail Shafeeu has revealed that several initiatives will be implemented to support the mental health of teachers. He made the statement during an event organised by the Student Union of the Maldives National University (MNU) to commemorate Teachers’ Day.

Speaking at the event, Minister Dr Shafeeu highlighted the numerous challenges faced by teachers in the Maldives, with a particular focus on concerns regarding their mental well-being. He noted that teachers work diligently and under immense pressure, adding that this can take a toll on their mental health. He emphasised that 80 percent of teachers in the Maldives are women, many of whom face additional pressure as they return home to household responsibilities after a long day at work.

Additionally, Minister Dr Shafeeu pointed out that when the law for teachers was enacted, it did not include provisions addressing the mental health of teachers, leaving no formal mechanism to safeguard it. He said that it has been a recurring concern voiced by teachers. In response, he committed to taking significant steps to ensure the safety and well-being of teachers.

Furthermore, Minister Dr Shafeeu said that the government’s decision to designate Fridays as a non-working day for teachers is one of the key initiatives aimed at supporting teachers’ mental health. He said that the move aims to provide them with a well-deserved break and more time to spend with their families, contributing to their mental well-being. He also stressed the importance of creating a supportive and healthy working environment for teachers.

The government is also currently working to enhance the professional development and training of teachers in the Maldives. The efforts include strengthening the National Institute of Education (NIE) and expanding opportunities for teachers. The Ministry of Education has also launched a teacher training programme to encourage more students to pursue teaching careers. So far, 130 students have shown interest in joining the profession.

SOURCE : PSM

India hands over 700 Hulhumale’ housing units built with loan aid to Maldives

The government of India has officially handed over 700 housing units built in Hulhumale’ Phase II through Indian assistance to the Maldives.

The housing units were handed over during the meeting between President Dr Mohamed Muizzu and Prime Minister of India Narendra Modi during the President’s ongoing official visit to India.

The project, initiated under the previous administration, aims to construct 4,000 housing units with a USD 227 million loan from India’s Exim Bank. It involves the construction of 16 towers by KPIL and another 16 towers by NBCC in Hulhumale’. Out of these, 700 units have been completed and handed over after the final finishing touches.

The entire project consists of 32 towers, which will house 1,200 two-bedroom apartments and 2,800 three-bedroom apartments. The two-bedroom units cover an area of 650 square meters, while the three-bedroom units span 900 square meters. The FDC expects the full project to be completed by mid-2025.

SOURCE : PSM

Currency swap with India to solve Maldives foreign exchange issues: President Muizzu

President Dr Mohamed Muizzu has expressed confidence that the recently signed currency swap agreement with India will address the foreign exchange challenges faced by the Maldives. He made the remarks following official discussions between the two nations.

In his statement, President Dr Muizzu emphasised the significance of the talks, which aimed at further elevating the bilateral relationship between the Maldives and India. He acknowledged the crucial role of India in the Maldivian economy and development, noting the consistent support of India during critical times. He also expressed gratitude to the Indian government for the currency swap agreement, valued at USD 400 million and INR 30 billion, which he believes will resolve the Maldives’ foreign exchange issues.

Additionally, President Dr Muizzu highlighted several agreements signed between the Maldives and India, stating that these agreements have bolstered institutional frameworks and are vital for sustainable development. He specifically noted that the Free Trade Agreement (FTA) between the two countries, which he anticipates will unlock the full economic potential of both nations, enhancing Indian investment in tourism and development. He also expressed optimism about the FTA’s upcoming conclusion.

SOURCE : PSM

Government pays USD 25 million for sukuk repayment

Ministry of Finance has disclosed that the government has made a payment of USD 49.4 million towards securities due in the International Debt Capital Market this year. The Ministry emphasised that repaying the Maldives’ debt to foreign institutions is a top priority. 

In 2021, the government issued a USD 500 million sukuk, maturing in 2026, which requires semi-annual coupon payments—due in April and October.

This year, the deadline for the last coupon payment is on the 8th of this month. The Ministry confirmed that the payment was made ahead of the deadline, having already disbursed USD 24.7 million for the October coupon. The total of USD 49.4 million paid this year includes both the April coupon and the two payments made.

To maintain investor confidence, the Ministry of Finance noted that the sukuk coupon will be paid in cash. Of the remaining USD 74.1 million for the sukuk coupon, USD 49.4 million is due next year, with the final payment scheduled for April 2026.

SOURCE : PSM

Indian RuPay card launched in the Maldives

The Indian RuPay Card has officially been launched in the Maldives. 

This initiative was announced during President Dr Mohamed Muizzu’s visit to India, following discussions with Prime Minister Narendra Modi that led to the signing of various agreements between the two nations.

At the launch event, a virtual demonstration showcased a customer successfully completing a transaction using the RuPay Card at an Authentic Maldives store in the Maldives. 

With this introduction, the RuPay Card will also be accessible at BML ATMs, POS machines, and other digital payment platforms. The RuPay Card is a widely used debit and credit card payment network in India.

Prime Minister Narendra Modi further revealed that India’s Unified Payment Interface (UPI) will be introduced in the Maldives soon, following an agreement signed last August. President Muizzu emphasized that the Indian RuPay Card will simplify financial transactions for citizens of both countries.

SOURCE : PSM