Maldives at high risk of external and overall debt distress: IMF (Pic: X – @SunaLatheef
Male: Maldives’ economy seems to be in deep trouble because of its huge loans from China. The island country owes more than $3 billion to Beijing. The International Monetary Fund (IMF) recently warned Maldives of being at a high risk of ‘debt distress’ amid increasing close relations with China.
Ever since Mohamed Muizzu was sworn in as Maldives President in November 2023, the island nation has been very friendly towards the Dragon. Beijing has assured more funds for Maldives. Notably, Muizzu visited China in January 2023 and thanked the Asian giant for its “selfless assistance” for development funds.
While calling Maldives for “urgent policy…
