Maldives and Japan today signed the Exchange of Notes on the G-20 Debt Service Suspension Initiative (DSSI), marking an important step towards providing the Maldives with the necessary fiscal space by temporarily suspending debt-service payments owed to official bilateral creditors.
The Exchange of Notes was signed on behalf of the Government of Maldives by His Excellency Abdulla Shahid, Minister of Foreign Affairs, and on behalf of the Government of Japan by Her Excellency Keiko Yanai, Ambassador of Japan to the Maldives.
The signing of the Exchange of Notes will contribute directly to the Maldives’ ongoing economic recovery efforts, and will improve debt transparency and debt management amidst the present economic challenges.
In September this year, a Memorandum of Understanding (MoU) on the Treatment of Debt Services was signed by His Excellency Ibrahim Ameer, Minister of Finance of the Maldives, and the representatives of a number of other creditor countries, including Japan. The signing of the Exchange of Notes today which follows on from the MoU signed in September, and the proposed signing of the Deferment Agreement between the Ministry of Finance and Japan International Cooperation Agency (JICA) early next year, will formalize the DSSI arrangement between Maldives and Japan.
The Signing Ceremony which was held at the Ministry of Foreign Affairs today was attended by senior officials from the Ministry of Foreign Affairs, Ministry of Finance, officials from the Embassy of Japan and Japan International Cooperation Agency (JICA).