Maldives President Mohamed Muizzu has expressed support for Malaysia’s consideration of a US$100 million currency swap facility, a move aimed at enhancing economic ties between the two nations. This development was announced following Malaysian Prime Minister Anwar Ibrahim’s state visit to the Maldives on September 14-15.
During the visit, both leaders discussed strengthening cooperation across various sectors, including trade, investment, education, healthcare, tourism, sustainable development, Islamic affairs, and defense. The proposed currency swap facility, which is expected to be executed through Bank Negara Malaysia and the Maldives Monetary Authority, is still under discussion regarding its terms and mechanisms.
In addition to the currency swap proposal, President Muizzu welcomed an agreement in principle to commence negotiations on a Preferential Trade Agreement (PTA) between the two countries. He highlighted that these initiatives represent significant steps towards expanding trade and creating new business opportunities for both Maldivian and Malaysian enterprises.
The discussions between the Maldives and Malaysia also encompassed plans to reinforce their collaboration within international organizations such as the United Nations, Organisation of Islamic Cooperation, and the Commonwealth. This multifaceted cooperation underscores the countries’ commitment to fostering a robust and comprehensive partnership.
