Government ordered to pay off USD 10 mln from MP Siyam's loan

China's Exim Bank ordered the Maldivian government to pay USD 10 million (MVR 154 million), from a loan issued to the parliament representative for Dhaalu Atoll's Meedhoo constituency Ahmed Siyam (Sun Siyam), granted via a sovereign guarantee provided by the previous administration.

Featured Image

Owner of Sun Travel Pvt Ltd and parliament representative of Dhaalu Atoll's Meedhoo constituency Ahmed Siyam (Sun Siyam). PHOTO: MDA

Shahudha Mohamed

2020-07-26 22:05:32

China's Exim Bank ordered the Maldivian government to pay USD 10 million (MVR 154 million), from a loan issued to the parliament representative for Dhaalu Atoll's Meedhoo constituency Ahmed Siyam (Sun Siyam), granted via a sovereign guarantee provided by the previous administration.

In the event that the state fails or refuses to pay the debt, it would result in a sovereign default, which may devalue the Maldivian currency and affect international trade, as well as affect the country's global standing.

This article is in our Archive

Login to read for free! Register to create an account