Malaysia agrees to extend USD 100M facility to Maldives

Malaysia has agreed to extend a USD 100 million facility to the Maldives at the request of the country’s central bank.

The decision was announced by visiting Malaysian Prime Minister Anwar Ibrahim while delivering his press statement on Tuesday after wrapping up official talks with Maldivian President Dr. Mohamed Muizzu.

PM Anwar said that President Muizzu wrote to him asking for a response from the Malaysian central bank, the Bank Negara Malaysia, to the request made by the Maldives Monetary Authority (MMA).

He said that Malaysia has decided to approve the request.

“We have agreed in principle to support this. Although both the central bank will have to work in the fastest time possible on the mechanism and the process to ensure that the agreement can be settled in the fastest time possible. And this can only be done based on trust and friendship,” he said.

PM Anwar said that the two leaders agreed to hold a meeting of the joint commission between Maldives and Malaysia in Kuala Lumpur before the end of this year, and also discussed resolving visa issues facing parents of Maldivian students in Malaysia, and boosting cooperation in healthcare.

He added that they also discussed a proposal to get Malaysian multinational oil and gas company PETRONAS to look at the possibility of exploring for oil and mineral in the Maldives, and said that the government would discuss it with the company.

PM Anwar also spoke about the similar foreign policy both Maldives and Malaysia have adopted on the Palestinian cause, and commended President Muizzu on his advocacy for the rights of Palestinians.

office in November 2022. He was accorded a ceremonial welcome at the Republic Square in Male’ in the morning, after which both he and President Muizzu adjourned to the President’s Office for official talks.

The two leaders also witnessed the exchange of Memoranda of Understanding on boosting cooperation in defense and Islamic affairs.