India has unveiled a $760mn bailout for the Maldives after the cash-strapped Indian Ocean archipelago turned to New Delhi to stave off a sovereign default despite attempts by its president to tilt towards China.
India’s central bank said on Monday it had agreed currency swap lines of $400mn and Rs30bn ($357mn) to the Maldives, a move that cements New Delhi’s central role in supporting its economy.
The swaps were announced during a meeting in New Delhi between Indian Prime Minister Narendra Modi and Mohamed Muizzu, who was elected Maldivian president last year on an “India Out” platform.
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