A change of heart? Here's why Maldives president Muizzu has called New Delhi 'close ally'

Since he came to power, Maldives President Mohamed Muizzu has been pushing his anti-India stance, drawing domestic and global criticism. From sending back Indian troops to leaning toward China, Muizzu has not been one of New Delhi’s favourite global leaders.

However, a recent statement by Muizzu points to how the tables have turned. The Maldivian leader has urged India to provide debt relief to Malé, calling New Delhi his country’s “closest ally.”

In one of his first interviews with a local publication since assuming office in November 2023, Muizzu said India was instrumental in providing aid to the Maldives and has implemented the greatest number of projects.

“India will continue to remain the Maldives’ closest ally, he said and emphasised that there was no question about it,” Muizzu was quoted as saying.

The leader’s comment comes as India withdrew its first batch of Indian troops from the island nation earlier this month before the May 10 deadline sets in.

Muizzu’s call for help

During the interview, Muizzu urged India to accommodate debt relief measures for the Maldives in the repayment of the hefty loans taken over consecutive governments.

He said, “The conditions we have inherited are such that there are very large loans taken from India. Hence, we are holding discussions to explore leniencies in the repayment structure of these loans.”

Muizzu acknowledged the fact that Maldives owes India big-time, an amount that is heftier than Malé can bear at the time owing to its current economic outlook.

Due to this, he is currently discussing with the Indian government to explore options to repay the loans to the best of the Maldives’ economic capabilities, the news portal said quoting him.

A hopeful Muizzu added that he has also expressed his appreciation and gratitude to the Indian government for its contributions to the archipelago.

“I also conveyed to Prime Minister Modi during our meeting that I did not intend to halt any ongoing projects. Instead, I expressed my desire to strengthen and expedite them”, he said referring to his discussion with Prime Minister Narendra Modi in Dubai on the sidelines of the COP28 summit in Dubai in December 2023.

How much does Maldives owe India?

The Maldives owed approximately USD 400.9 million to India by the end of last year.

During the previous regime, headed by pro-India leader Ibrahim Mohamed Solih’s administration, the total amount of loans taken from the Export and Import Bank of India (Exim Bank) stood at USD 1.4 million (MVR 22 million).

Together with this, the amount owed by Maldives to India by the end of last year stood at MVR 6.2 billion.

At the current rate of 1 MVR equal to $16, this is approximately $400.9 million.

With inputs from agencies