Maldives to pay MVR 75m to China as loan repayments

President Ibrahim Mohamed Solih has said that the Maldives is to pay China MVR 75 million in 2020 as part of the repayments for loans obtained by the country.

Speaking in a press conference today, President Ibrahim Mohamed Solih said that the total amount of loans obtained by the government from China was MVR 1.5 billion. The state had directly obtained MVR 600 million from these loans.

"We were to pay China MVR 100 million, A waive-off for MVR 25 million was provided during the G20 agreement. So we are to pay MVR 75 million," said President Solih.

The President also said that the Chinese ambassador had already provided assurances that the government of China was ready for discussions regarding the MVR 75 million.

"The government had provided generous assistance during such situations previously. The loans obtained during the Tsunami crisis were cleared. So, we believe that the Chinese government will provide a good solution to Maldivians during this time." said the President.

Saudi, Abu Dhabi provides loans of USD 50m

The President also said that the governments of Saudi Arabia and Abdu Dhabi had agreed to provide a loan of USD 50m to the Maldives.

The loan obtained from Saudi would be designated for fisheries and housing projects, while the loan from Abu Dhabi will be for budget support.