Maldives Gets ‘Green Signal’ on Loan Deferrals from China and India, Says Foreign Minister
Foreign Minister Moosa Zameer has revealed that the Maldives has received the ‘green signal’ from both China and India to defer upcoming loan repayments, along with financial assistance from other foreign nations.
Speaking at a press conference at the President’s Office yesterday, Minister Zameer outlined the Foreign Ministry’s efforts to collaborate with international partners and organisations to stabilise the country’s economic situation.
advertisement
advertisement
advertisement
advertisement
He highlighted that the Maldives had accumulated substantial debt from India and China for development projects under previous administrations. Negotiations to reschedule these loans’ repayment are ongoing, with discussions mainly focusing on adjusting payment schedules for non-functional assets.
“Discussions are underway to adjust the payment schedules for non-functional assets,” Minister Zameer stated.
The Foreign Minister recently returned from an official visit to China at the invitation of his Chinese counterpart, Wang Yi. Before this, India’s Minister of External Affairs, Dr Subrahmanyam Jaishankar, also visited the Maldives for official discussions, signalling strengthening ties between the nations.
In addition to the debt deferral agreements, Minister Zameer noted that significant progress had been made during his recent diplomatic visits to Bahrain and Saudi Arabia, where he presented a special letter from President Dr Mohamed Muizzu seeking financial support.
While Minister Zameer expressed optimism regarding the country’s economic outlook, he acknowledged that overcoming challenges inherited from previous governments would take time. He reiterated the government’s commitment to increasing revenue, expanding the economy, and delivering on its promises to the Maldivian people without delay.
In July, President Muizzu announced that China had agreed to defer repayment on loans issued by China’s Exim Bank for various development projects, with a deferral period of five years.
