First INR 30b drawal approved under SAARC swap as earlier USD 400m facility matures

India has pledged USD 319 million (INR 30 billion) to Maldives under its ongoing economic and financial assistance.

In a statement, the Indian High Commission in Male' said the funds are being released under the first drawdown of the SAARC Currency Swap Framework.

The assistance is being provided under the agreement signed between the Reserve Bank of India (RBI) and the Government of Maldives during President Dr. Mohamed Muizzu’s state visit to India in October 2024.

The earlier USD 400 million drawal taken by Maldives under the same framework in October 2024 matured on Thursday.

The new 2024–2027 framework includes significant concessions on interest rates and other conditions.

Since the launch of the SAARC Swap Framework in 2012, the RBI has provided USD 1.1 billion in total swap support to Maldives.

In addition, India rolled over USD 100 million in Treasury bills issued by the Maldivian government last year as emergency financial assistance.

The High Commission said Maldives remains an important partner for India under its “Neighbourhood First” policy and Vision MAHASAGAR, adding that India has always been the “first responder” for Maldives.