China finalizes debt relief measures, reaffirms support for maldives
China’s Ambassador to the Maldives, Kong Xianhua, announced on Tuesday that debt relief arrangements between the two countries have been finalised.
Speaking at a ceremony held at Nasandhura Hotel to mark China’s National Day and the Mid-Autumn Festival, Ambassador Kong said discussions on deferring repayments had been concluded between the relevant agencies of both governments.
I’m glad to announce that debt relief arrangements between concerned parties of our two sides have been fully finalised. These arrangements manifest not only the Chinese government’s strong support for the fiscal and financial stability of the Maldives but also our confidence in the reforms undertaken by the Maldivian government and the potential of the Maldivian economy,
Ambassador Stated
However, he did not disclose any details regarding the deal.
The ambassador also highlighted key development projects being carried out with Chinese assistance, including the China-Maldives Friendship Hospital in Vilimalé, road projects in Malé and Vilimalé, and the construction of council buildings across 50 islands.
Kong noted that bilateral ties have deepened following President Mohamed Muizzu’s state visit to China earlier this year, during which 11 memoranda of understanding (MoUs) were signed.
He further welcomed the Bank of Maldives’ introduction of yuan-denominated accounts as an important step in strengthening economic cooperation.
According to IMF figures, China is the Maldives’ single largest bilateral creditor, accounting for around one-fifth of the country’s public and publicly guaranteed external debt.
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