Maldives President Reaffirms Commitment To National Interests Following Jaishankar’s Visit Amid Economic Crisis

President Mohamed Muizzu addressed the media, emphasizing his administration’s unwavering commitment to the country’s national interests. Responding to inquiries about the ‘India Out’ campaign launched by the ruling PNC-PPM coalition last year, President Muizzu clarified that his government would not endorse any actions that contradict its foreign policy. “I have not changed the foreign policy of this country,” he asserted, reinforcing his stance on prioritizing the Maldives’ sovereignty.

President Muizzu’s remarks came shortly after Minister Jaishankar departed from the Maldives on a special aircraft following a two-day visit during which several bilateral projects were launched. The visit marked a significant diplomatic engagement, with President Muizzu and his cabinet members extending a warm welcome to the Indian dignitary, despite the tensions that have simmered between the two nations since Muizzu assumed office on November 17.

The cordiality displayed during Jaishankar’s visit is reflective of the Maldives’ pressing economic challenges. The island nation is currently grappling with a severe financial crisis, with a budgetary shortfall of several hundred million USD. India has stepped in to provide critical support, rolling over a $50 million payment to the State Bank of India in May, with another $50 million due in September. Furthermore, the Maldives faces the daunting task of repaying approximately $1 billion to the market by 2026, raising concerns about a potential default.

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While the Indian government remains committed to assisting the Maldives as a neighboring ally, President Muizzu’s outreach for financial support has extended beyond India. Efforts have been made to secure aid from Turkey, China, and the Middle East, including seeking loans from China through its Exim banks at market rates. However, the reality remains that in times of dire economic need, it is India that has consistently stepped forward to support the Maldives, unlike other global powers such as China, the United States, or Western nations.

This dynamic also serves as a poignant message to other countries in the region facing economic difficulties. For instance, Bangladesh, currently embroiled in political turmoil with Islamist groups targeting Hindu minorities, finds itself in an economic bind that may ultimately require financial assistance from India, much like Sri Lanka did in 2022. Nepal, though in a slightly more stable position due to its currency being linked with the Indian Rupee, could face similar challenges in the future.

President Muizzu’s reaffirmation of his foreign policy is seen as a positive development, indicating a recognition of the realities facing the Maldives. His administration’s willingness to engage constructively with India suggests an understanding that the rise of Islamist elements in Male would not benefit the new government. Notably, Minister Jaishankar received an exceptionally warm reception during his visit, with red carpet treatment surpassing that of the previous Ibrahim Solih regime.

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