India Announces $1.4 billion Package for Maldives, Agreements Signed

India announced a $1.4 billion package for the Maldives to meet its immediate budgetary as well as some medium-term requirements. Prime Minister Narendra Modi announced the package that includes soft loans after talks with visiting Maldives President Ibrahim Solih in New Delhi.

The Maldives is weighed down by some $3 billion in debt to China and the country is looking to India and Saudi Arabia, besides others, for help. In November 2018, New Delhi had offered an immediate loan of $25 million to the Maldives during a visit by its new foreign minister Abdullah Shahid.

Here are 4 agreements that were signed during the state visit of Maldives President Ibrahim Solih:

1. Agreement on the Facilitation of Visa Arrangements

2. MoU on Cultural Cooperation

3. MoU for Establishing Mutual Cooperation to Improve the Ecosystem for Agribusiness

4. Joint Declaration of Intent on Cooperation in the field of Information & Communications Technology and Electronics.

Source- Press Information Bureau (PIB)

Static/Current Takeaways Important For IBPS Clerk Mains Exam 2018:

  • Maldives Capital: Male, Currency: Maldivian rufiyaa.

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