Official data shows the country's foreign debt reached $4.038 billion last year
President Mohamed Muizzu has promised to build thousands of apartments, reclaim more land for urban development and upgrade airports with funding from ChinaMALE – The International Monetary Fund warned the Maldives against looming " debt distress " Monday, as the small but strategically placed luxury tourist destination looks set to borrow more from main creditor China.
Without naming the archipelago's main lender, the IMF said the Maldives remained "at high risk of external and overall debt distress" without "significant policy changes". The Maldives is a small nation of 1,192 tiny coral islets scattered 800 kilometres across the equator, but it strategically straddles key east-west international shipping routes.
Official data showed the Maldives' foreign debt reaching $4.038 billion last year, about 118 per cent of gross domestic product and up nearly $250 million from 2022.
Maldives External Debt Chinese Loans IMF Debt Distress Mohamed Muizzu Debt Traps Indian Ocean Urban Development Chinese Funding External Borrowing
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