Gov’t Announces Loan Deferrals from China 

President Dr. Mohamed Muizzu revealed that China has given the green signal to defer the repayments of loans owed to them.

This development comes as a significant relief for the country’s foreign debt obligations.

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Speaking at the 59th Independence Day celebrations held at the Social Centre last night, Muizzu highlighted the support from India and China as crucial in managing the Maldives’ foreign debt. He noted that these countries are playing a pivotal role in assisting the Maldives to find more manageable ways to repay its debts.

India has already deferred USD 50 million in debt and extended the food quota for two more years, with the remaining funds in the line of credit being made accessible.

“The Chinese government has given the green signal to defer our loans from the Exim Bank of China for various development projects for the next five years. The technical work is now underway,” President Muizzu stated.

The UAE is also expected to provide similar assistance. “The UAE government has been very supportive and has given the green signal to defer the loan for the next five years,” the President added.

Muizzu emphasised that such foreign policy initiatives are crucial in protecting a country’s independence.