Maldives President Mohamed Muizu arrives in India, seeks bailout as foreign reserves dwindle

India Today in northern Israel

Maldives President Mohamed Muizu expressed confidence that India will step forward to help the island nation cope with the worsening economic crisis. Muizu, Arriving in New Delhi for a five-day visitHundreds of millions of dollars in financial bailouts are expected to be requested, according to the BBC.

The Maldives finds itself on the brink of defaulting on its debt as foreign exchange reserves dwindle to just $440 million – with just enough to cover six weeks of vital import needs.

The BBC quoted Muizur as saying in an email interview: “India is fully aware of our financial situation and as one of our largest development partners, India will stand ready to ease our burden and find better alternatives and solutions. solutions to meet the challenges we face.”

In the interview, Muizou acknowledged the deep-rooted ties between the two countries, although he No mention of his previous anti-India stancea key issue that will determine his political campaign.

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“We believe that any differences can be resolved through open dialogue and mutual understanding,” he said.

Last month, global credit rating agency Moody’s downgraded the Maldives’ credit rating, saying “the risk of default has increased significantly”. India has provided a huge financial assistance of US$1.4 billion to the Maldives to support its infrastructure and development projects.

India-Maldives relations

Since Muizu, who is known for his pro-China stance, took office as the president of the Maldives in November last year, the diplomatic relations between the two countries have deteriorated. India and Maldives face serious tensionsNoun In fact, Muizur came to power during the “India Exit” movement, in which he demanded the withdrawal of Indian troops and logistics personnel from the Maldives.

Hours after taking the oath, Muizu called for the immediate withdrawal of Indian military personnel from the island nation, and New Delhi later replaced the troops with civilian personnel.

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Soon after, some ministers in President Muizu’s cabinet used force, sparking a diplomatic row. Derogatory language targeting Prime Minister Narendra Modi.

Prime Minister Modi made the remarks after sharing images promoting Lakshadweep on social media. Although the minister involved was quickly dismissed by Muizu, the incident led to a significant drop in the number of tourists from India, affecting the Maldives tourism industry.

Mohammad Muizou’s visit to India

Muizur arrived in New Delhi on a five-day visit to India starting on Monday aimed at resetting relations between the two countries and seeking financial assistance.

Announcing Muizu’s visit, the Ministry of Foreign Affairs (MEA) said it was expected to provide further impetus to cooperation and strong people-to-people relations between the two countries.

The Ministry of Foreign Affairs stated that Muizur will discuss bilateral, regional and international issues of common concern with Prime Minister Modi during his visit. Apart from Delhi, he will also visit Mumbai and Bengaluru where he will attend business events.

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