The Maldivian government in Malé on Wednesday, 14 October, asked India to extend a USD 320 million currency swap facility whose repayment is due within about 10 days, and India has agreed to a three-month rollover, though the Indian government has not yet issued an official statement confirming the decision.
The two countries have held discussions on the request. The facility equals about INR 30 billion and was provided to support the Maldives through financial pressure.
India approved the first drawdown of USD 320 million on 23 April. The Indian High Commission in the Maldives said at the time that the funds were released under the first drawdown of the SAARC Currency Swap Framework.
The assistance was arranged under an agreement between the Reserve Bank of India and the Maldivian government during President Dr Mohamed Muizzu's state visit to India in October 2024.
The Maldives repaid a separate USD 50 million debt to India in September. India has not publicly announced the three-month rollover; no official statement from New Delhi confirming the extension had been issued as of Wednesday.