China greenlight Five-Year loan deferral for Maldives: President Dr Muizzu
In a significant development for the Maldives, President Dr. Mohamed Muizzu has announced that the Chinese government will defer the Maldives' loans for five years, with technical preparations already underway.
This decision, revealed during the Independence Day celebrations last night, marks a notable relief in managing the country's foreign debt.
President Muizzu highlighted that the Indian government has also played a crucial role by recently rolling out the $50 million owed by the Maldives.
The Chinese government has given the greenlight on making the loan and its interest-free for the next five years, and the technical work is now in progress
President Dr. Muizzu stated
In his address, President Dr Muizzu further emphasized the importance of economic sovereignty, along with sovereignty and defense policy, in achieving true independence.
He noted that when his government assumed office, ensuring economic sovereignty was a major challenge.
However, he reported significant progress, with the sovereign fund increasing from MVR 2 million to $65 million.
These measures are part of broader efforts to stabilize the country’s financial situation and ensure its economic independence.
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