SAARC Currency Swap Framework
Syllabus: GS2/IR
Context
- India has approved the first withdrawal of 30 billion rupees for the Maldives under the SAARC Currency Swap Framework, reinforcing its ongoing financial support to the island nation.
Currency Swap Framework
- A currency swap framework is a bilateral or multilateral agreement that allows countries to exchange their currencies.
- It serves as a financial safety net, providing immediate short-term liquidity, helping stabilize foreign exchange reserves, and averting balance of payments crises without exposing nations to open-market risks
SAARC
- Abbreviation – South Asian Association for Regional Cooperation (SAARC)
- Established: 8 December 1985 in Dhaka, Bangladesh, with the signing of the SAARC Charter.
- Headquarters: Kathmandu, Nepal (Secretariat established in 1987).
- Member States (8): India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, the Maldives, and Afghanistan (joined in 2007).
- Observer States (9): Australia, China, the European Union, Iran, Japan, Mauritius, Myanmar, South Korea, and the United States
Objectives –
- to accelerate economic growth, social progress and cultural development in the region;
- to promote and strengthen collective self-reliance among the countries of South Asia;
- to promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields;
- to strengthen cooperation with other developing countries;
Project DANTAK
Syllabus:GS2/IR/GS3/Economy
In News
- Project DANTAK celebrated its Raising Day marking 65 years of its continuous service in Bhutan since 1961.
Project DANTAK
- It is a premier overseas infrastructure initiative in Bhutan executed by India’s Border Roads Organisation (BRO).
- Implementing Agency – Border Roads Organisation (BRO), Ministry of Defence.
- Timeline: Established April 24, 1961, by PM Nehru and Bhutan’s 3rd King.
- Mandate: Construct strategic infrastructure, roads, and bridges in Bhutan.
- Key Projects: Paro Airport, Yongphula Airfield, and the East-West Highway.
- Total Output: Over 1,650 km of roads plus schools and hospitals.
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