Wednesday, July 17, 2024
HomeWorld newsMaldives is in debt, and it is not going bankrupt

Maldives is in debt, and it is not going bankrupt

Although Mohammed Muizzu has asked for financial assistance from Turkey and China, no one has come forward that the island nation has economic problems. Although the Maldives is not as bankrupt as the media would have us believe, Malé is heavily indebted. which amounts to almost $4.038 billion in housing costs that almost match the figure for the debt crisis in 2026. The net worth of Mohammed Muizzu, the ruler of the Maldives, is $5.6 billion, according to according to official figures. Although Muizzu, with his openly anti-India stance, is calling for debt relief from his close friend Xi Jinping in the Middle East Islamic Emirates, China’s debt of $1.3 billion is almost a minimum of 30 percent of its external debt, with government bonds growing by 2026. Muizzu has sought financial support from countries such as Turkey and China, none of which seem forthcoming as the island nation coincides with a widespread economic crisis. The Chinese cruise ship Xiang Yang Hong 03, which was scheduled to enter Malé port for return to service on February 8, is still being awaited by the Maldivian authorities. The spy ship is currently 20 hours from the South Indian Ocean, well outside the EEZ of the Maldives, Sri Lanka and India. For the record, Chinese patrol vessels are allowed to use Malé Port for OTR and are not operating. any survey or chart of seas in the Maldives EEZ and beyond.

As India is expected to replace the military personnel of ALH helicopters with Maldivian flag by the end of this month or early March, the Modi government is on a wait and see situation but is fully prepared to help the Maldivian people. in the event of a disaster. Rather than resent Muizzu’s anti-India decision for its own political survival, the Modi government gave the Indian Navy the green light to extend the Agatti Islands air base to neighboring Lakshadweep and Minicoy islands with an air base. New restricted for Minicoy Island. Defense Minister Rajnath Singh will inaugurate the first batch of MH-60 R Sikorsky helicopters in Kochi on March 4-5 and visit the Maldives on two Indian aircraft carriers and Minicoy to inaugurate a new base called INS Come on. Even as Muizzu’s anti-Indian political stance focuses on the Majlis elections in April, public opinion towards China’s New Belt Road Initiative (BRI) for infrastructure development in the Maldives is the most heated. This comes after many countries like Pakistan, Kenya and Tanzania found themselves under the burden of BRI debt after receiving huge interest from China’s EXIM Bank.

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