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Dec 17, 2018
8:48PM

India decides to extend 1.4 billion dollar aid to Maldives

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India and Maldives underscored the need for strengthening and reforming of multilateral financial institutions and enhancing the voice and participation of developing countries in international economic decision-making. 

In a joint statement, Prime Minister Narendra Modi and President Ibrahim Mohamed Solih reiterated the importance of an effective multilateral system as a key factor in tackling global challenges. 

Both the leaders reviewed efforts to promote bilateral trade and investment ties between the two countries. 

President Solih reaffirmed his government’s "India-First Policy” and commitment to working closely with India.

In his press statement after delegation-level talks with President Solih, Prime Minister Narendra Modi said, India has decided to extend 1.4 billion dollars financial assistance to the Maldives as budget support, currency swap and line of credit for the social and economic development of Maldives. 

Prime Minister said, India and Maldives need to increase bilateral cooperation to maintain peace and stability in the Indian ocean. 

Mr Modi said, the delegation level talks were constructive and they agreed to further strengthen bilateral ties. 

He welcomed new visa agreement between India and Maldives. 

On his part, the Maldives President said, the two sides agreed to strengthen maritime security cooperation in the Indian Ocean region through coordinated patrol and aerial surveillance.

India and Maldives inked four pacts, including one on visa facilitation. 

Interacting with President Solih, Vice President M Venkaiah Naidu said that defence cooperation between India and Maldives is one of the important foundations of close relationship between the two countries. 

Mr Naidu said, both countries need to be sensitive to each other’s security concerns.

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