- President Muizzu acknowledged India’s role in stabilizing the Maldives’ economy.
- China has agreed to defer loan repayments for five years.
- Ongoing discussions with China and India about currency swap agreements.
President Mohamed Muizzu of the Maldives thanked India for its significant economic support during a speech commemorating the 59th anniversary of the country’s independence.
In particular, Muizzu revealed that China had agreed to postpone the repayment of loans from the Export-Import Bank of China for five years. This move is expected to provide the Maldives with much-needed financial relief.
President Muizzu Aims for Strengthened Economic Ties with India and China
During a ceremony celebrating the Maldives’ 59th Independence Day, President Mohamed Muizzu expressed profound gratitude to India for its substantial economic support. He acknowledged that India’s assistance has been instrumental in bolstering the Maldives’ fragile economy and easing its debt burden. Muizzu underscored the significance of such support in enhancing the nation’s economic autonomy.
Muizzu also praised China’s contributions, revealing that the Chinese government has agreed to defer the repayment of loans and accrued interest from the Export-Import Bank of China for a period of five years. This deferment is expected to provide considerable financial relief to the Maldives, enabling it to focus on further economic development without the immediate pressure of debt repayment.
In addition to these efforts, Muizzu highlighted ongoing discussions with officials from both China and India regarding potential currency swap agreements. These agreements are anticipated to address local shortages of US dollars, a critical issue for the Maldives’ economy. By securing such agreements, the Maldives hopes to stabilize its financial situation and ensure a steady supply of foreign currency.
Looking ahead, President Muizzu expressed a strong desire to negotiate a free trade agreement with India. He believes that such an agreement would significantly enhance bilateral trade relations, offering mutual benefits for both countries. Muizzu is optimistic that these economic collaborations will lead to sustained growth and development for the Maldives.
President Muizzu’s strategic focus on strengthening economic ties with both India and China, alongside potential free trade agreements and currency swaps, reflects his commitment to ensuring the Maldives’ long-term economic stability and growth.
“Collaboration with international partners is essential for the Maldives’ economic resilience and development.” – President Mohamed Muizzu
