Minister of Finance and Treasury Ibrahim Ameer, stated that even though the current Chinese development projects in the Maldives are overpriced, the government cannot stop these projects.
During his ongoing visit to India, Minister Ameer held a press conference and spoke about this issue while answering some questions.
He said that they are reviewing details of large-scale projects taken by the former President Yameen Abdul Gayoom's government and noting the overprices ones.
"We believe that these projects are too overpriced. We are looking into them" said Ministere Ameer according to the ‘Economic Times’ of India.
Minister Ameer revealed that there is not much the current government can do since some of those large-projects like ‘Sinamale’ Bridge’ have been completed.
"There is nothing much we cannot in terms of renegotiation. Going forward, our aim would be to reduce the cost of our infrastructure projects," he said.
Members of the ruling coalition have been raising concerns about the Chinese projects in Maldives. Including former President Mohamed Nasheed who warned about the dangers of falling into the Chinese ‘debt-trap’. The Chinese government, however, have denied accusations made by Nasheed.
The central bank of the Maldives, Maldives Monetary Authority (MMA), reported that the state debt to China is currently USD 1.5 million.