"If not for India, we would have gone default": Former Maldives President Nasheed praises India's support ahead of PM Modi's visit

Time of India

5 days ago

Former
Maldives
President Mohamed
Nasheed
has credited India with helping his country avoid economic collapse during its worst financial crisis in recent times. Talking about Prime Minister Narendra Modi's visit to the Maldives, Nasheed said India's timely assistance prevented the Maldives from defaulting on its debt.
"If not for India, we would have gone default," Nasheed told in an exclusive conversation ahead of
PM Modi
's two-day trip to attend the Maldives' 60th Independence Day celebrations.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Project Management
MCA
Operations Management
Cybersecurity
Digital Marketing
Public Policy
healthcare
Degree
PGDM
Data Science
Leadership
Product Management
Data Analytics
Management
others
CXO
MBA
Data Science
Technology
Finance
Others
Healthcare
Artificial Intelligence
Design Thinking
Skills you'll gain:
Project Planning & Governance
Agile Software Development Practices
Project Management Tools & Software Techniques
Scrum Framework
Duration:
12 Weeks
Indian School of Business
Certificate Programme in IT Project Management
Starts on
Jun 20, 2024
Get Details
Skills you'll gain:
Portfolio Management
Project Planning & Risk Analysis
Strategic Project/Portfolio Selection
Adaptive & Agile Project Management
Duration:
6 Months
IIT Delhi
Certificate Programme in Project Management
Starts on
May 30, 2024
Get Details
He said India's financial help during challenging times had played a critical role in maintaining the island nation's economic stability.
"Indian assistance and partnership in the Maldives are deeply valued and have played a critical role during our challenging times. With mounting financial difficulties and substantial debt repayment obligations for the Maldives, India's timely support has helped us avoid default and maintain economic stability," he said.
Nasheed noted that the economic partnership is more than just financial aid it is built on trust and regional solidarity.
Live Events
"This kind of partnership reinforces resilience and fosters trust between neighbouring nations," Nasheed added.
Speaking about the foreign policy direction of the Maldives, Nasheed stressed that the country has always leaned towards India, but has often swung between India and China depending on election cycles.
"We have always maintained an India-first foreign policy in the Maldives. But in the past, election cycles have sometimes caused our foreign policy to swing between a strong pro-China stance and a strong pro-India stance," said Nasheed.
He added that democracy in the Maldives now allows for a more stable and consistent foreign policy approach.
"Today, unlike before, across the spectrum of Maldivian politics, the approach is firmly India-first," he said.
Nasheed said PM Modi's visit is a reaffirmation of India's strategic interest in the Maldives, given its crucial location in the Indian Ocean.
"Maldives is positioned across some of the most navigable waters of the region of the Indian Ocean. Maldives stretches 1,000 kilometres from north to south and another 600 kilometres from east to west. Prime Minister Modi's visit to the Maldives reaffirms the strategic importance India places on its long-standing relationship with us. We welcome this engagement, as it contributes meaningfully to our national stability and opens up new avenues for shared prosperity," he said.
On defence, Nasheed highlighted that the Maldives has always worked closely with India to enhance security in the region.
"Ensuring the safety, security, and stability of the Indian Ocean region requires this robust defence cooperation between India and Maldives. This partnership is not just desirable it is essential," he added.
He added that both countries have a shared responsibility in guarding maritime routes, improving disaster response, and protecting the marine environment.
Praising India
's rapid economic growth, Nasheed said India's rise is not isolated and is based on shared development.
"India is rapidly ascending as one of the world's leading economies, with its GDP now over \$4 trillion. We have long understood that prosperity in India does not come at the expense of its neighbours. It is not in the instinct of Indian society to grow in isolation. They want to do it together. We understand that," he said.
He added that India's
Neighbourhood First
policy provides the Maldives with vital opportunities to integrate with its dynamic economic trajectory.
"This regional approach has tangible outcomes. Tourist arrivals from India to our high-end resorts of the Maldives have expanded markedly. It has grown up very rapidly, reflecting the strength of our bilateral ties and our shared vision for development," he said.
Nasheed called for a structured trade agreement between the two countries, particularly highlighting the demand for Maldivian fish in Indian markets.
"Uninterrupted trade always brings mutual benefit. Maldivian fish enjoys high demand in Indian markets, reflecting not only the quality of our export but also the growing depth of our commercial ties," he said.
He added that a formal trade agreement would provide structure and predictability, making it easier for both sides to maximise the economic potential of the partnership.
"Beyond fish exports, such agreements could open pathways for cooperation in shipping, logistics, and sustainable marine practices sectors where both countries share interests and capabilities," he said.
He further explained that economic integration should be seen not just as a transactional process, but as a foundation for shared growth.
"A well-framed trade framework would bolster food security, diversify market access, and deepen trust -- aligning closely with the wider regional vision set out by India's Neighbourhood First policy and the Maldives' development goals. I think the trade agreement would be a win-win for both countries," he said.
Nasheed also said PM Modi's visit will give a push to tourism from India, especially to the northern Maldives.
"When relations are strong, everyone benefits. I believe that the Prime Minister's visit will further boost Indian tourist arrivals to the Maldives," he said.
He mentioned that the Hanimadu Airport project, built with Indian credit support, is nearing completion and will soon connect southern Indian cities more easily with northern Maldives.
"Hanimadu Airport would be just a little over an hour from most of the southern Indian cities. There is big opportunity for both countries to benefit," he added.
PM Modi will travel to the Maldives from July 25-26. PM Modi will be the guest of honor at the Maldives' 60th Independence Day celebrations.
He will hold talks with President
Mohamed Muizzu
to strengthen bilateral ties and review progress on the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership.
The visit aims to reset and enhance India-Maldives relations, which had been strained in the recent past.