Maldives: The problems of Maldives are not going to end. Already trapped in the debt trap, Maldives has now decided to shoot itself in the foot. Actually, Maldives has made an agreement to take more debt from China. Obviously, after Maldives takes more debt, Beijing’s grip on it will increase even more.
According to the World Bank, Maldives already has a debt of $1.3 billion to China. The important thing is that this is 20 percent of Maldives’ total debt. China has decided to provide more financial assistance to Maldives. In this regard, an agreement has been signed between the People’s Bank of China and the Ministry of Economic Development of Maldives.
Maldives is sinking in a quagmire of debt
During the tenure of President Mohammad Muizzu, Maldives’ economy is facing a crisis. The situation is such that Maldives is now on the verge of default. Regarding financial assistance, China’s Foreign Ministry said that we are continuously providing financial assistance to Maldives. China’s Foreign Ministry spokesperson Mao Ning said, ‘We will continue to support Maldives in economic and social development as before.’
Maldives-China are getting closer
The debt-ridden Muizzu government said it will pay $25 million next month. Maldives is steadily moving closer to the Dragon due to China’s increasing debt. President Mohammed Muizzu’s inclination towards China is also not hidden from anyone. Since coming to power, Muizzu has continuously implemented China-supported policies and has distanced himself from India.
However, President Mohammed Muizzu is once again trying to thaw the ice on relations with India. It is reported that Maldives President Mohammed Muizzu will soon make an official visit to India.