Debt ‘natural’ for the Maldives
The Maldives has been borrowing heavily from China, but details of the loan are not clear.
18 Jun 2018, 9:00 AM
Debt is a natural issue for all developing countries like the Maldives, a local NGO said Sunday as it praised China for being the only country capable of giving loans with “friendly conditions.”
The Maldives has been borrowing heavily from China in recent years, although the sums and terms of the loans are not known.
Studies have said that China is involved in major Maldivian projects that have a combined worth of $1.5 billion, and the tiny nation’s soaring debt has alarmed the opposition and major global financial institutions.
But a representative of the Maldives China Trade and Cultural Organization brushed off concerns.
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