मालदीव को और लोन देगा चीन: मुइज्जू के भारत दौरे से पहले चीनी बैंक के साथ समझौता, दिवालिया होने से बचने के लिए मदद मांगी थी

Muizzu visited China in January this year. During this visit, 20 agreements were signed between the two countries.

Another agreement was signed between China and Maldives on Friday. In this, an agreement has been reached to give more loan to Maldives. However, the amount of the loan has not been disclosed yet.

Under the agreement between the People’s Bank of China and the Maldives Economic Development Ministry, China and Maldives will promote direct investment and will be able to carry out transactions in local currency.

The People’s Bank of China has said that this agreement will help strengthen business and investment. China has not said anything more about the agreement. According to media reports, after coming to power last year, Muizzu had sought more loans from China.

Maldives’ foreign exchange reserves are continuously falling. To deal with the economic crisis, they had asked for a loan from China.

Maldives borrowed one-third of its foreign debt from China

According to The Economist, Maldives is currently under a huge debt burden. Maldives already has a loan of 1.3 billion dollars (about 10.9 thousand crores rupees) from China. This is 30% of its total foreign loan.

In such a situation, any loan from China will further increase Beijing’s loans on Maldives. Since the formation of the pro-China Mohammed Muizzu government, the country’s economy has been in constant crisis and the country is on the verge of default.

The foreign exchange reserves of Maldives stood at $388.41 million (Rs 3,115 crores) as of July 2024. The Maldives Monetary Authority (MMA) had expressed apprehension that if the situation remains the same, the dollar reserves in the country may soon run out.

Pro-China Muizzu will soon visit India

After assuming the presidency of Maldives, Muizzu started implementing policies that benefited China in the country and started distancing himself from his traditional partner India. However, after the debt crisis increased, Mohammad Muizzu is once again trying to improve relations with India.

Muizzu is soon going to come on his first official visit to India. However, its date has not been decided yet. According to a report in Business Today, Maldives has offered financial help.

According to Indian officials, Maldives can immediately avail $400 million under the Reserve Bank of India’s currency swap programme, which provides assistance to regional countries.

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In Maldives, President Muizzu has accused the opposition of attempting a ‘financial coup’ against him. He said that legal action will be taken against those behind the conspiracy to topple his government.

In fact, on Sunday, the Bank of Maldives (BML) stopped transactions in foreign currency for debit and credit cards. The bank also reduced the limit of gold credit card to 100 US dollars. Read full news…