President Dr. Mohamed Muizzu's planned visit to India aims to discuss financial assistance to overcome the financial crisis, international media has reported citing Indian government officials.

On September 10, the government announced that President Muizzu would visit India "very soon."

"The President is scheduled to visit India very soon. Discussions are ongoing between Maldives and India for the best date," the government's Spokesperson Heena Waleed told reporters during a press conference at the President's Office.

Bloomberg and India's Economic Times reported, citing an Indian government official, that the Reserve Bank of India is currently working on a USD 400 million currency swap facility to help the Maldives.

The Indian official, who wished to remain anonymous, added that India is also ready to provide loans to Maldives under the USD 800 million line of credit signed with India in 2019 by the former Maldives government.

It is unclear whether President Dr. Mohamed Muizzu's government has officially requested Indian financial assistance. However, according to media reports, the most important discussion in his visit to New Delhi will be securing funds.

In the past few months, Foreign Minister Moosa Zameer has visited several countries and presented letters to leaders, on behalf of President Muizzu, explaining the financial situation and attended discussions on the matter.

However, this is the first meeting on financial assistance to be attended by President Muizzu.

The Monetary Authority of Maldives (MMA) on August 29, said it is preparing to set up a USD 400 million foreign currency swap facility with the Reserve Bank of India under the SAARC framework.

The government has not yet released any further details about the President’s visit.