On October 10, 2024 President Dr. Mohamed Muizzu, accompanied by First Lady Madam Sajidha Mohamed, concluded the five-day state visit to India. The visit conducted by President Muizzu, at the invitation of Indian President Droupadi Murmu, marked the first official state visit to India and second high-level visit by a senior official from Maldives, since President Muizzu took office in November 2023. ^[1]

The state visit by President Muizzu, also included Cabinet Ministers and businessmen as a part of Maldivian delegation. During the visit, the Maldivian delegation attended their official engagements in New Delhi, followed by a visit to Mumbai and Agra, and the delegation concluded their official visit at Bangaluru.

Although this was the first official state visit by President Muizzu to India, but it marked the third interaction between President Muizzu and Prime Minister Narendra Modi. He had visited earlier in June 2024 as well, to attend the swearing-in ceremony of PM Modi. Further, PM Modi and President Muizzu had also interacted in December 2023 on the sidelines of COP28. This brief aims to provide an analysis of the background and the outcomes of the state visit, along with a way forward for India in strengthening the bi-lateral relationship with Maldives.

Both India and Maldives share deep, longstanding and historically close relationship. As India-Maldives bilateral relations had been under stress for some time, President Muizzu's visit to India came at an opportune time which also coincided with the ongoing financial distress in Maldives. In August 2024 the central bank of Maldives, Maldives Monetary Authority (MMA), sent a letter to Ministry of Finance of Maldives warning about the alarming decline in state's usable dollar reserves. ^[2]

The Backdrop to President Muizzu’s Visit

Economic Pressure

On August 29, 2024, Fitch Ratings downgraded the Maldives' long-term foreign-currency Issuer Default Rating (IDR), for the second time in a span of three months, to 'CC' from 'CCC+.^[3] This decline was followed by Moddy’s Ratings downgrading Maldives' long-term local and foreign currency issuer ratings to Caa2 from Caa1, on September 11, 2024.^[4] The economic crises were long in making for the archipelago nation. President Muizzu inherited the Maldivian presidency when the nation’s economy was already in a bad state, so much so that launching of development projects were postponed due to the financial situation.^[5]

During the campaign for the 2023 Presidential elections, President Muizzu envisioned pulling the Maldivian economy out of the troubles it was experiencing. In his economic manifesto, presented during the campaign, President Muizzu outlined a comprehensive three-pronged strategy for national development, emphasizing the creation of a stable economy, spearheading transformative reforms, and promoting robust economic growth.^[6] Further, the prominent deliverables envisioned under the manifesto were; Maldives GDP to reach around USD 9 billion by 2028 (from USD 6.6 billion, in 2023); GDP per capita to be increased to USD 17,000 (from USD 12,500 approx., in 2023); and usable dollar reserves to reach USD 500 million (from USD 150 million, in 2023).^[7] Even the World Bank, in the October 2023 Maldives development update, anticipated the average growth of 5.4 percent in real GDP during 2024 for the Maldives economy.^[8]

Yet the alarms of growing economic distress were ringing. In the fourth quarter of 2023, the Maldives faced significant fiscal vulnerabilities as its debt-to-GDP ratio surged to 116.5 percent (Refer to figure 1).^[9] This situation was further exacerbated by rising global commodity prices, increased capital expenditures and subsidies, and the central bank's role in financing the budget deficit. As of March 2024, Maldives had an overall debt of USD 8.2 billion (approx.) with the debt-to-GDP ratio of 110.1 percent. Among these around 59 percent (USD4.8 billion) was domestic and 41 percent (USD 3.4 billion) was external. As of March 2024, Maldives owed around USD 1.1 billion, 13.4 percent of total debt, to China as compared to 7.3 percent to India.^[10]

Although the debt-to-GDP ratio fell in quarter 1 of 2024, external debt servicing obligations due in 2025 are USD 557 million and USD 1 billion in 2026.^[11] Hence, the situation is bound to get more adverse.

Collectively, these factors heightened the country's economic risks and strained its fiscal stability, leading to a fall in credit ratings by agencies like Moody’s and Fitch.

The reason behind this downfall was a continuous and steep decline in official reserve assets (refer to figure 2), rising current account deficit, and post-pandemic effects. As of September 2024, the Maldives official reserve assets stood around USD 371 million, plummeting around 19 percent and reaching a record low since November 2016. Out of the official reserve assets there is only a tiny proportion, i.e., usable dollar reserve, that can be used to pay for imports. As of August 2024, the usable dollar reserve was at USD 61 million, which was only sufficient for a month's worth of imports.^[12]

Apart from shrinking usable dollar reserves, there has been a consistent decline in the reserve money held by MMA (refer to Figure 3). Reserve Money includes currency in circulation, transferable deposits of banks, and public non-financial corporations with the Maldives Monetary Authority (MMA) in both national and foreign currencies.^[13] MMA observed that fall in reserve money came despite the fact that foreign liabilities were reduced. The swap facility availed from the Reserve Bank of India (RBI) in 2022 was repaid, leading to a decline in Maldives foreign liabilities, yet despite this decline, the reserve money continued to fall, highlighting the substantial decline in the contribution of net foreign assets.^[14]

Moreover, as per Maldives Customs Services^[15], the exports are at decline. Exports fell by 58 percent during June 2024 in comparison to exports of June 2023, and exports further fell by around 40 percent in July 2024 when compared to exports of June 2024. Although imports on the other hand are surging at a constant pace.

Maldives economy is driven by tourism sector, and currently the industry is witnessing a surge in tourists’ arrival. The tourist’s footfall is projected to reach a historical high of 2 million in 2024, however, due to a continued decrease in spending per tourist, these higher arrivals are not expected to increase growth in economy significantly. With increasing footfall of tourists, the import of capital goods, along with food and fuel, are bound to surge further widening the current account deficit. Evidently, Maldives needs to urgently initiate major fiscal and policy adjustments, restore debt sustainability, and ensure macroeconomic stability, in order to safeguard Maldivian economy from unprecedented economic shock.^[16]

Considering the financial situation and political climate within the archipelago nation could be a cause of discomfort for President Muizzu, the opposition has been alleging that the current administration, under President Muizzu, has around 2,000 political appointees, due to which the state’s payroll exceeds MVR 1 billion.^[17] With rising expenditure and imports coupled with falling exports and non-tax revenue, panic has spread among investors fearing defaults on debt obligations. Hence, experts warn that without foreign assistance, the economic outlook in Maldives might further destabilise.^[18]

With India being the second largest external lender to Maldives, a positive development in India-Maldives relations was expected during the official visit by President Muizzu to India. In the lead-up to the official visit to India, President Muizzu regarded India as ‘one of our biggest development partners,’ and expected India ‘to ease the burden’ and provide ‘solutions to the’ ongoing ‘fiscal situation’. Although the relations between the two South Asian neighbours have been somewhat unsettled in the recent past.

India-Maldives Bilateral Relations under President Muizzu

In October 2023, President Muizzu won the Maldives presidential elections on the back of rigorous campaigning on a ‘pro-Maldives’ narrative. Later, in April 2024, President Muizzu consolidated his position by attaining a supermajority in the Maldives parliamentary elections on the back of a subdued tone of a similar narrative.

Under a ‘pro-Maldives’ stance, President Muizzu ensured that there would be no foreign military presence on Maldivian soil.^[19] Through this assurance, President Muizzu actually referred to the contingent of Indian military stationed in Maldives for people's welfare, humanitarian assistance, disaster relief, and combating illegal maritime activities.^[20] The Indian military personnel also assisted in training of Maldivian Defence Forces in operations of two helicopters, and a Dornier aircraft. Both India and Maldives diplomatically made arrangements for the withdrawal of the Indian military from the archipelago nation in batches (Table 1), and the total withdrawal was completed by May 9, 2024.

This delimitation impacted the bilateral engagements between India and the Maldives. Relations experienced another hiccup when President Muizzu made his first official state visit to Turkey, on November 26, 2023. This made him the first Maldivian President to have embarked on the first official state visit to a country other than India.

Moreover, in January 2024, the India-Maldives relations were further dented when three Deputy Ministers in the Ministry of Youth Empowerment, Information and Art of Maldives made derogatory remarks about Indian PM Modi. These remarks had an impulsive reaction from the Indian tourists, leading to calls for boycott of Maldives as a tourist destination.^[21] A sharp decline in Indian tourists was experienced, as reported by the Maldives Ministry of Tourism (refer to Figure 4). Maldives’ economy has a substantial dependence on the revenue generated from tourism. For the past four years (2020-23), India has been the top tourist market for Maldives.^[22]

The dip in diplomatic relations, accompanied by derogatory remarks during January 2024, impacted the tourist’s footfall from India. As the tourist arrivals from India during January 2024 showed a 19 percent decline compared to last year, the decline further increased to 40 percent, 54 percent, and 55 percent in the following months of February, March, and April, respectively (refer to table 2). During the period of January 2023 – August 2023, India ranked amongst the top tourist markets for Maldives, whereas in 2024, during the same period, India ranked sixth with a decline of around 40 percent.^[23]

In May 2024, the tourism industry experts and analysts of Maldives highlighted the adverse impact of falling Indian arrivals as they projected an estimated loss ranging from USD 1.8 billion to USD 2 billion.^[24] Amidst such an unprecedented dilemma, President Muizzu went on an official state visit to China, and asked China to become the Maldives’ largest source of tourism.^[25] China reciprocated positively to this request from the Maldives. As Chinese Ambassador to Maldives Wang Lixin claims that, with around 2,00,000 tourists up till October 2024, China is currently the largest source of tourists in the Maldives.^[26] The request from President Muizzu from China to give a fillip to Maldives tourism may have further added strain to India–Maldives bilateral relations and heightened regional geopolitical tensions. Maldives did experience a rise in tourism, although the increase is not reflected proportionately in revenue generation.^[27]

Furthermore, regarding defence cooperation, India and Maldives have historically shared strong collaboration and a shared concern towards regional security. Although security concerns for India in the Indian Ocean region heightened considering Maldives docking Chinese research vessel Xiang Yang Hong 03^[28] (thrice in 2024), the hydrographic survey agreement between Maldives and India is not being renewed, and further Maldives has agreed to defence assistance from China for obtaining military equipment and training.^[29] All these cumulatively have security implications for India and the Indian Ocean region.

Among other factors, the upward trend in Maldives-China relations fuelled uncertainties in India-Maldives cooperation. Yet, the longstanding India–Maldives relations cultivated over decades of mutual trust and people-to-people exchanges withstood this turbulent scenario.

Despite the withdrawal of the Indian military personnel from Maldives, both nations agreed to keep the aviation platforms operational. This resulted in an agreement whereby the contingent of 76 Indian technical and civilian personnel replaced the military personnel to maintain and manage the helicopters and the Dornier aircraft.^[30] As the replacement of personnel was completed, the first high-level visit was conducted by the former Maldives Minister of Foreign Affairs, Moosa Zameer, from May 8-10, 2024.^[31] Further, from August 9-11, 2024, the EAM of India, Dr. S Jaishankar, undertook an official visit to Maldives.^[32] These high-level exchanges signified a revived commitment from both nations to mend and further enhance the bilateral ties.

Similarly on the unfortunate incident, of remarks made by the three deputy ministers, was not blown out of proportion and was settled diplomatically. The Maldives Association of Travel Agents and Tour Operators (MATATO) duly apologised for the remarks, and the deputy ministers were suspended immediately.^[33] Further, to highlight the Maldives position as a premier holiday destination for Indian travellers, a three city ‘Welcome India’ roadshow was organised during July-August 2024 by the MATATO, in collaboration with the Maldives Marketing and Public Relations Corporation (MMPRC) and the National Hotel and Guesthouse Association of Maldives (NHGAM).^[34] These efforts in congruence with stabilising of India-Maldives relations are expected to have a positive impact on footfall of tourists from India to Maldives.

India, too, persisted in having a positive outlook towards India-Maldives relations amidst the tensions. On April 5, 2024, under a unique bilateral mechanism, India increased the quantities for export of certain essential commodities. Under this mechanism the quota for river sand and stone aggregates (crucial items for the booming construction industry in the Maldives) was increased by 25 percent and quotas for eggs, potatoes, onions, sugar, rice, wheat flour and dal (pulses) were increased by of 5 percent.^[35] During 2023 as well India continued export of rice, sugar and onions to the Maldives in spite of a worldwide ban on export of these items from India.^[36] Further, considering the ongoing financial crises in Maldives, India duly lived up to its role of first responder in crises in the neighbourhood and provided emergency financial assistance worth USD 100 million since May 2024.^[37]

Outcome of the State Visit

During the five-day official visit wide array of arrangements, MoU’s and developmental cooperations were agreed upon by India and Maldives. The primary among these being the vision document, namely; ‘Vision for a Comprehensive Economic and Maritime Security Partnership’ and a Currency Swap Agreement between Reserve Bank of India^[38] and Maldives Monetary Authority (MMA).

The vision document has charted a new framework of cooperation amidst the transforming bilateral ties between India and Maldives. The document provided a fresh impetus by enhancing and institutionalising the current exchanges in the sectors of political exchanges, development cooperation, trade and economic cooperation, digital and financial cooperation, energy cooperation, health cooperation, defence and security cooperation, capacity building and training, people to people linkages, and, cooperation at the regional and multilateral fora.^[39] Further, there was commencement of free trade agreement (FTA) talks and plans to introduce UPI in the Maldives to bolster economic linkages further.^[40]

India and Maldives agreed to carry out the Laamu Gaadhoo transshipment port project.^[41] On April 11, 2024, Maldives signed an MoU with a China’s CAMCE Company Limited to establish an integrated maritime hub in Gaadhoo and carry out the transshipment port project, although no on ground work has been carried out yet.^[42] It could be under consideration of this factor that Maldives is willing to work with India on the Laamu Gaadhoo transshipment port project and further development of transshipment ports in the south and the north of Maldives.

The currency swap agreement would provide the swap facility under two elements; firstly, a USD 400 million facility under the USD/ Euro swap window; secondly, INR 30 billion (USD 356.8 million, approx.) under INR swap window.^[43] This would bring the total currency swap agreement to nearly USD 756.8 million. The currency swap was aimed to bolster and signify a much need confidence in the Maldives’ existing foreign exchange position, thereby allowing the archipelago nation to enter into deals or discussions where they require this enhanced foreign exchange.^[44] With the subscription of Government Treasury Bills (T-bills) of worth USD 100 million, the total financial assistance provided by India to Maldives is nearly USD 860 million.

With regards to defence cooperation, both India and Maldives have agreed to enhancing the capabilities of the Maldives National Defence Force (MNDF) and addressing pressing maritime security challenges. Key initiatives included;

• India extended assistance in construction of a Maldivian Ministry of Defence (MoD) building in Malé. This assistance seeks to uplift the infrastructural capacity of the Ministry.
• India committed to provide defence platforms and assets which would augment the MNDF's operational capabilities in sync with the Maldives' national priorities.
• In addition, the defence cooperation is set to extend to hydrographic matters, encompassing capacity building and training tailored to the needs of the Maldivian government.
• Moreover, India will assist in developing capabilities for information sharing, including infrastructure development and training.
• There will be an increase in capacity building and training opportunities for the MNDF and Maldives Police Services under the Indian Technical and Economic Cooperation (ITEC) programmes.
• Further, India extended its support to enhance the surveillance and monitoring capabilities, through the provision of radar systems and other essential equipment.

Collectively, these initiatives underscore a comprehensive approach to fortifying defence ties and enhancing maritime security cooperation between the two nations. Apart from rejuvenating and further strengthening the defence ties, President Muizzu addressed concerns about Maldives relationship with China, and assured that Maldives would not act in a manner that would threaten the region's safety while collaborating with other nations across various sectors.^[45]

President Muizzu described the state visit ‘as highly successful’ as his ‘administration had achieved all its objectives’.^[46] Apparently, the historic ties between the two nations seems to be on an even keel, following a minor detour.

Way Forward

Prior to visiting India, President Muizzu stated that the agenda of Maldivian foreign policy, under his presidency, was never ‘India-out’.^[47] Even the largest opposition party, Maldives Democratic Party (MDP), welcomed the administration’s efforts to mend the ties.^[48] However, there is some speculation that the change in Maldivian foreign policy is largely influenced by economic challenges and country's wariness to approach the IMF trenches.^[49] Further, global uncertainties like extended economic slowdown across the world, along with factor like China being the largest creditor to Maldives and Maldives dependence on tourists’ arrival from China^[50] are likely to pose a risk to Maldives economic outlook.

Under such a scenario India can assist Maldives in navigating through the economic distress. It could help Male in diversifying Maldives revenue sources, capacity building, and aiding in a development led cooperation. As both India and Maldives approach 60th anniversary of formal diplomatic relations in 2025, India shall reaffirm continuation of its commitment towards strengthening and sustaining, the pragmatic and longstanding relationship, while working towards mutual growth and prosperity, and security of the region.

Endnotes

^[1] Press Release. October 10, 2024. President and First Lady return to Maldives after state visit to India. The President’s Office, Republic of Maldives. https://presidency.gov.mv/Press/Article/31873
^[2] Adhadhu. August, 2024. MMA warns usable dollar reserves may run out before end of August. https://english.adhadhu.com/article/57904
^[3] Rating Action Commentary. August 29, 2024. Fitch Downgrades Maldives to 'CC'. Fitch Ratings. https://www.fitchratings.com/research/sovereigns/fitch-downgrades-maldives-to-cc-29-08-2024
^[4] Rating Action. September 11, 2024. Moody's Ratings downgrades Maldives' rating to Caa2, places rating under review for downgrade. https://ratings.moodys.com/ratings-news/428179
^[5] Adhadhu. February, 2024. Projects might be delayed due to financial situation, hints President. https://english.adhadhu.com/article/49488
^[6] Rehan, Mohammed. September 27, 2023. PPM/PNC candidate announces economic manifesto. The Edition. https://edition.mv/world/29341
^[7] ibid.
^[8] Press Release. October 3, 2023. Maldives Economy to Grow by 6.5% in 2023 but Fiscal Buffers Urgently Needed. The World Bank. https://www.worldbank.org/en/news/press-release/2023/10/02/maldives-economy-to-grow-by-6-5-in-2023-but-fiscal-buffers-urgently-needed
^[9] Debt Management Department. 2024. Quarterly Debt Bulletin 2023, Q4. Ministry of Finance, Republic of Maldives. https://www.finance.gov.mv/public/attachments/knWELqu2KDWT7qva1aRGmfNC4Rn2PWWpq5BLwkWw.pdf
^[10] ibid.
^[11] Rating Action Commentary. August 29, 2024. Fitch Downgrades Maldives to 'CC'. Fitch Ratings. https://www.fitchratings.com/research/sovereigns/fitch-downgrades-maldives-to-cc-29-08-2024
^[12] Osmanagic, Ameera. September 8, 2024. Total reserve increases to USD 444 million, usable reserve at USD 61 million. The Edition. https://edition.mv/features/35908
^[13] Maldives Monetary Authority. Explanatory Notes on Monetary and Financial Statistics.
https://www.mma.gov.mv/files/Monthly%20Statistics/Expanatory
^[14] Maldives Monetary Authority. September 9, 2024. Economic Update. Volume 6, Issue 9. Page 5. https://www.mma.gov.mv/documents/Economic%20Update/2024/EU-Sep-2024.pdf
^[15] Publications. Monthly statistics. Maldives Custom Service. https://www.customs.gov.mv/Media/Materials/publications
^[16] Press Release. May 13, 2024. IMF Executive Board Concludes 2024 Article IV Consultation with Maldives. No. 24/152. IMF. https://www.imf.org/en/News/Articles/2024/05/10/pr-24152-maldives-imf-executive-board-concludes-2024-art-iv-consultation#:
^[17] Sun Online. July 24, 2024. MP Ghafoor: Political posts near 2,000; payroll exceeds MVR 1 billion. https://en.sun.mv/90801'
^[18] DD News. September 6, 2024. MMA reports decline in foreign reserves in Maldives.
https://www.newsonair.gov.in/mma-reports-decline-in-foreign reserves/
^[19] DD News. November 17, 2023. Maldives will have no foreign military presence – New President. https://ddnews.gov.in/en/maldives-will-have-no-foreign-military-presence-new-president/#
^[20] Media Briefings. October, 19, 2023. Transcript of Weekly Media Briefing by the Official Spokesperson. Ministry of External Affairs. https://www.mea.gov.in/media-briefings.htm?dtl/37199/Transcript_of_Weekly_Media_Briefing_by_the_Official_Spokesperson_October_19_2023
^[21] Ambassador Tripathi, J.K. April 24, 2024. India and the Parliamentary Elections in Maldives. Vivekananda International Foundation. https://www.vifindia.org/2024/april/24/India-and-the-Parliamentary-Elections-in-Maldives
^[22] Tourism Research and Statistics Section. December 30, 2023. Tourism Yearbook 2023. Section 2: Tourists Arrivals, 2.4.1. Page 21. Ministry of Tourism. https://www.tourism.gov.mv/dms/document/86be229c1b0999ca5083e15ea4796546.pdf
^[23] Tourism Research and Statistics Section. August 2024. Tourism Statistics 2024. Ministry of Tourism. https://www.tourism.gov.mv/dms/document/88c58f9531958c99b10fd19c52670a0a.pdf
^[24] Sun Online. May 12, 2024. India tourists dwindle, Maldives heads to a billion in loss. https://en.sun.mv/88166
^[25] Srinivasan, Meera. January 11, 2024. Maldives President Muizzu urges China to reclaim top spot in tourist arrivals amid boycott campaign in India. The Hindu. https://www.thehindu.com/news/international/amid-boycott-campaign-in-india-maldives-president-muizzu-urges-china-to-reclaim-top-spot-in-tourist-arrivals/article67723866.ece
^[26] Ambassador Wang, L. October 1, 2024. 75 Years of Weathering Storms and 52 Years of Standing Together. Op-ed. Sun Online. https://en.sun.mv/92291#
^[27] Sun Online. September 11, 2024. Tourist arrivals rise, but profits plummet.
https://english.sun.mv/91880
^[28] Padmanabhan, Keshav. July 15, 2024. Chinese research vessel heading to Maldives again, 3rd port call likely in island country this year. The Print. https://theprint.in/defence/chinese-research-vessel-heading-to-maldives-again-for-rotation-of-personnel-and-replenishment/2175456/
^[29] Mohammed Mariyath. March 6, 2024. Maldives-China agreement is to obtain military equipment, to strengthen independence: Presidence. The Edition. https://edition.mv/ssc_exam/32158
^[30] Sun Online. May 11, 2024. 76 Indian soldiers expelled, replaced by same number of civilians. https://en.sun.mv/89340
^[31] Press Release. May 7, 2024. Visit of Minister of Foreign Affairs of Maldives to India. Media Center. Ministry of External Affairs. https://www.mea.gov.in/press-releases.htm?dtl/37798/Visit+of+Minister+of+Foreign+Affairs+of+Maldives+to+India+May+09+2024
^[32] Press Release. August 11, 2024. Visit of External Affairs Minister to Maldives. Media Center. Ministry of External Affairs. https://www.mea.gov.in/press-releases.htm?dtl/38149/Visit_of_External_Affairs_Minister_to_Maldives_August_0911_2024
^[33] Sun Online. September 10, 2024. Deputy ministers Shiuna and Malsha resign after monthslong suspension. https://en.sun.mv/91850
^[34] MMPRC. August 4, 2024. MMPRC, MATATO, and NHGAM Successfully Conclude “Welcome India” 3-City Roadshow. https://visitmaldives.com/en/news/mmprc-matato-and-nhgam-successfully-conclude-welcome-india-3-city-roadshow
^[35] Press Release. April 5, 2024. High Commission of India, Maldives. https://hci.gov.in/male/?pdf18625?000
^[36] ibid.
^[37] DD News. September 20, 2024. India extends USD 50 million budgetary support to Maldives for another year. https://ddnews.gov.in/en/india-extends-usd-50-million-budgetary-support-to-maldives-for-another-year/#:
^[38] Press Release. October 7, 2024. RBI enters into Currency Swap Agreement with Maldives Monetary Authority. RBI. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=58839
^[39] PIB. October 7, 2024. India and Maldives: A Vision for Comprehensive Economic and Maritime Security Partnership. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2062780
^[40] Maheswari, Dhairya. October 7, 2024. Maldives Turns to India to Avoid IMF Trap. Sputnik India. https://sputniknews.in/20241007/maldives-turns-to-india-to-avoid-imf-trap-8245656.html
^[41] PIB. October 7, 2024. India and Maldives: A Vision for Comprehensive Economic and Maritime Security Partnership. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2062780
^[42] Adhadhu. October 10, 2024. India to help carry out Gaadhoo project awarded to a Chinese company. https://english.adhadhu.com/article/60129
^[43] ibid.
^[44] Media Briefings. October 7, 2024. Transcript of Special Briefing by Foreign Secretary on the State visit of President of Maldives to India. MEA. Government of India. https://www.mea.gov.in/media-briefings.htm?
^[45] PSM News. October 7, 2024. Maldives will not jeopardize India's security, says President Muizzu. https://psmnews.mv/en/145340
^[46] Press Release. October 10, 2024. President Dr Muizzu vows to strengthen bilateral relations without compromising sovereignty. https://presidency.gov.mv/Press/Article/31874
^[47] Times of India. September 28, 2024. Maldives never opted for ‘India Out’ Policy asserts president Muizzu. https://timesofindia.indiatimes.com/india/maldives-never-opted-for-india-out-policy-asserts-president-muizzu/articleshow/113754079.cms
^[48] Zalif, Zunana. August 11, 2024. MDP welcomes Muizzu administration’s switch up from ‘India Out!’ to ‘Welcome India!’. Raajje. https://raajje.mv/156623
^[49] Maheswari, Dhairya. October 7, 2024. Maldives Turns to India to Avoid IMF Trap. Sputnik India. https://sputniknews.in/20241007/maldives-turns-to-india-to-avoid-imf-trap-8245656.html
^[50] Press Release. May 8, 2024. Maldives Prepares to Address Economic Vulnerabilities, Urgent Fiscal Reforms Critical to Mitigate Risks. World Bank Group. Page 15. https://www.worldbank.org/en/news/press-release/2024/05/08/maldives-prepares-to-address-economic-vulnerabilities-urgent-fiscal-reforms-critical-to-mitigate-risks

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