Another agreement was signed between China and Maldives on Friday. In this, there is an agreement 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 Maldives Economic Development Ministry, China and Maldives will promote direct investment and will be able to transact in local currency. The People’s Bank of China has said that this agreement will help strengthen business and investment. China has not told anything more about the agreement. According to media reports, after coming to power last year, Muizzu had asked for more loan from China. Maldives took one-third of its foreign debt from China According to The Economist, Maldives is currently burdened with heavy debt. 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 loan 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. Maldives’ foreign exchange reserves were $388.41 million (Rs 3,115 crore) till 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 come to India. After assuming the presidency in Maldives, Muizzu started implementing policies that benefit China in the country and started distancing himself from his traditional partner India. However, after the debt crisis increased, Mohammed 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 Business Today report, Maldives has been offered financial assistance. According to Indian officials, Maldives can immediately avail $400 million under the Reserve Bank of India’s currency exchange program. This program provides assistance to regional countries. Read this news too… Muizzu accused of coup attempt in Maldives: said- the culprits will go to jail; government bank had stopped transactions in foreign currency. President Muizzu in Maldives has accused the opposition of trying to stage a ‘financial coup’ against him. He said that legal action will be taken against whoever is 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 US $ 100. Read full news…
