China finalizes debt relief measures for Maldives

Chinese Ambassador to Maldives Kong Xianhua has announced that China has finalized ways in which concessions will be extended for Maldives' loans. 

Speaking at the ceremony held yesterday to mark the 79th anniversary of the founding of the People's Republic of China and the Mid-Autumn Festival, Ambassador Xianhua stated that the two countries have reached an agreement of debt relief measures. He stated that this demonstrates China's continued assistance toward Maldives' fiscal and economic stability and their trust in the economic reform measures taken by the government and the strong potential of the  Maldives' economy.

Details of the agreed debt reform measures have not been disclosed as of yet. 

Ambassador Xianhua also announced that three major projects on Chinese grants will commence in the Maldives in the near future. This includes the China-Maldives Friendship Hospital in Vilimale', redevelopment of roads in Male' and Vilimale', and construction of council offices in 50 islands. 

Maldives has secured over MVR 120 billion in loans for development projects, with China ranking among the top lenders.