Why is it in news?
- During recent visit of President Ibrahim Mohamed Solih of the Maldives to India, a financial package of $1.4 billion was declared by India for the Maldives.
More in news
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The package comes as Maldives is facing a debt of $3.2 billion with China.
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It is expected to boost Male’s global financial standing.
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A Joint Statement issued during the visit announced that the financial assistance will be in the form of budgetary support, currency swap and concessional lines of credit for development programmes.
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Both sides signed four agreements, including one easing visa procedures for Maldivian citizens.
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Both sides also agreed to coordinate maritime policing activities in the Indian Ocean region.
Source
The Hindu