The embassy release did not reveal the terms of the deal, which remained secret until the new government took power. According to finance ministry data, Mr Siyam’s company funded the project with debt from the Export Import Bank of China — with the loans guaranteed by the Maldivian governmen...
The president thanked China for its tremendous contribution to his country's socio-economic development, the firm support to his country's vaccination campaign against COVID-19, and its reduction and suspension of the Maldives' debt within the framework of G20. The Maldives firmly upholds the one...
"We have nothing to gain if a friendly country falls into debt. There is no single evidence to support so called debt trap claim. China has always looked to work with other countries for mutual benefit and equality," he said. Meanwhile, the Maldives' newly appointed Minister of Foreign Affa...
Solih came to office with a debt of $1.4 billion accumulated by the Yameen government, mainly to the Chinese. He is trying to work out ways to service this debt. He has tried to improve accountability, weed out corruption, tone up the judiciary and improve gender equity with some success....
However, Moody has said that “(foreign) reserves remain significantly below the government’s external debt service of around $600m in 2025 and over $1bn in 2026”. It’s not clear where Muizzu will find the money to overcome the reserves crisis and that’s where his Delhi visit is se...
The year 2024 marked a significant chapter for the Maldivian economy, with notable achievements in the tourism sector tempered by ongoing concerns about fiscal stability and external debt. While the Maldives further solidified its reputation as a premier global holiday destination, government authorities ...
The Maldives owes China $1.37 billion, equivalent to around 20% of its public debt, according to World Bank data. (Additional reporting by Krishn Kaushik in New Delhi; Writing by Uditha Jayasinghe in Colombo; Editing by Ros Russell) Copyright 2024 Thomson Reuters. Read More Galleries Amer...
Maldives minister of finance and treasury Ahmed Munawar tells Stefania Palma how the country hopes to diversify government debt, support public infrastructure mega-projects and engage with China under a new free-trade agreement. Consolidating public debt while supporting national infrastructure mega-pr...
China has debt-trapped Maldives by USD 1.3 billion during Yameen's 5-year regime (which represents more than quarter of its GDP) and Chinese firms engaged in some 17 projects in Maldives. IMF predicts Maldivian debt to reach 121% of GDP by 2020. Maldives has also signed Free Trade Agreemen...
“India is fully cognizant of our fiscal situation,and as one of our biggest development partners, will always be ready to ease our burden, find better alternatives and solutions to the challenges we face,”. Maldivian president is expected to request acurrency swap arrangementand debt support du...