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Tag: Mohamed Muizzu

  • Maldivian President Mohamed Muizzu Decides To Introduce India’s UPI In Maldives | Personal Finance News

    Male: Maldivian President Mohamed Muizzu has decided to take the necessary steps to introduce India’s Unified Payment Interface (UPI) in the Maldives. 

    The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure, the President’s Office said in a statement on Sunday.

    The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

    “In this regard, President Dr Muizzu has decided to set up a consortium to introduce UPI in the Maldives,” the statement added.

    Muizzu suggested that banks, telecom companies, state-owned companies and fintech companies operating in the country should be included in the consortium. He also appointed TradeNet Maldives Corporation Limited as the consortium’s leading agency.

    “He also decided to constitute an inter-agency coordination team comprising the Ministry of Finance, Ministry of Homeland Security and Technology and The Maldives Monetary Authority to lead the Ministry of Economic Development and Trade to oversee the establishment of the UPI in the Maldives,” the President’s Office said.

    In August this year, Maldives and India signed an MoU during the visit of External Affairs Minister S. Jaishankar to implement the UPI in the island nation.

    The financial interface operated by the National Payments Corporation of India is already operational in several international locations, including UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.

  • In A Big Diplomatic Win For India Against China, Maldives Hands Over 28 Islands To New Delhi For This Reason |

    India’s relations with Maldives hit a new low this year when Prime Minister Narendra Modi visited Lakshadweep and Maldivian politicians got irked. This saw a sharp decline in Indian tourists visiting Maldives. Maldivian President Mohamed Muizzu came to power riding on the ‘India Out’ campaign and has been a pro-China stance. But, the island nation appears to have realized its mistake and is now willing to make peace with India.

    Improving Bilateral Ties

    External Affairs Minister Jaishankar concluded his visit to the Maldives yesterday. During his time in Malé, Jaishankar signed several Memorandums of Understanding (MoUs) focused on capacity building and inaugurated six High Impact Community Development Projects (HICDPs). Among the MoUs exchanged were agreements for the capacity building of an additional 1,000 Maldivian civil servants in India and the introduction of the Unified Payments Interface (UPI) in the Maldives. The six HICDPs, supported by Indian grant assistance, cover areas such as mental health, special education, speech therapy, and street lighting, and were jointly inaugurated.

    Concluded a productive visit to Maldives!

    Living up to the message of our ties: ‘Imagined by Maldives, Delivered by India’.

    Some highlights: pic.twitter.com/RmdM3WLSoj
    — Dr. S. Jaishankar (@DrSJaishankar) August 12, 2024

    28 Islands To India Deal

    EAM Jaishankar and the Foreign Minister jointly inaugurated, in the presence of President Muizzu, India’s Line of Credit (LoC)-assisted project of water and sewerage network in 28 islands of Maldives. While Muizzu has now allowed India to carry out development work in 28 islands, it was his government that earlier ousted Indian troops and technical workers from Male. 

    Budget Assistance To Maldives

    The Union Budget 2024 presented on July 23 revealed a significant 48 per cent reduction in aid to this island nation for the 2024-25 fiscal year compared to the previous year. The current fiscal allocation designates Rs 400 crore as “grants” to the Maldives, a substantial decrease from the Rs 770 crore provided last year. This allocation is also Rs 200 crore less than what was proposed in the interim budget presented in February 2024.

    Muizzu Hails India

    President Mohamed Muizzu appreciated India’s continued developmental assistance to the Maldives and reaffirmed his commitment to deepening the India-Maldives relationship further. During Jaishankar’s visit, the Maldivian side appreciated India’s support for the overall development of Maldives, including social, infrastructural, and financial sectors.