Chinese President Xi Jinping has assured the Maldives of all necessary assistance to address its current economic challenges, according to Minister of Foreign Affairs Moosa Zameer. This assurance came during an official visit to China last week, where Minister Zameer, along with Finance Minister Dr. Mohamed Shafeeq and Minister of Construction and Infrastructure Dr. Abdulla Muthalib, engaged in extensive talks with Chinese officials.
Minister Zameer revealed that President Dr. Mohamed Muizzu had sent a special letter to President Xi Jinping, to which Xi responded positively, offering comprehensive support to help the Maldives overcome its economic difficulties. “Chinese President Xi has informed the President that China will do everything it can to help the Maldives overcome these economic difficulties and that the technical works will be carried out from now on,” Zameer stated.
President Muizzu had announced during the Independence Day ceremony that the Chinese government had given a green signal to defer the repayment of loans taken by the Maldives through the Exim Bank for various development projects for the next five years. This move is expected to provide much-needed fiscal relief to the Maldivian government.
Minister Zameer also highlighted the supportive role of other countries, particularly India, which has deferred USD 50 million in debt owed by the Maldives. “India is very sensitive to our difficulties. India has a neighbourhood first policy and has been extremely helpful during times of difficulties, providing the advice and guidance we need,” Zameer noted.
The deferral of debts is aimed at diversifying the Maldivian economy and opening up new sectors, as referenced in President Muizzu’s Independence Day speech. The Maldivian delegation’s visit to China included meetings with heads of Exim Bank and other Chinese financial institutions to identify critical areas where assistance is needed.
The economic assistance and debt deferrals from China and India are seen as crucial steps in stabilising the Maldivian economy and setting the stage for future growth and development.
