ForumIAS LATEST
- Ethics Redbook 3rd Edition: A Textbook That Teaches You How to Think Ethically Click Here to Read More →
- 21 Sept. | Forum Residential Coaching (FRC) for UPSC preparation Click Here to know more →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 10th Oct. Click Here to Read More →
India extends $1.4 billion assistance to Maldives
News:
India on Monday declared a financial package of $1.4 billion for the Maldives
Important Facts:
- Announcing the financial package, Indian Prime Minister said both sides are connected by mutual faith in democracy and development.
- The financial assistance will be in the form of budgetary support, currency swap and concessional lines of credit for development programmes
- Relations between India and the Maldives deteriorated after then president Abdulla Yameen imposed emergency on February 5 this year.
Significance:
- Cooperation between both countries is necessary for maintaining stability in the Indian Ocean region.
- The package comes as Maldives is facing a debt of $3.2 billion with China. It is expected to boost Male’s global financial standing.
- This will help both countries to increase bilateral cooperation on countering piracy and terrorism.
- It will provide an opportunity to Indian companies in the Island nation.
