'Green Signal' on loan deferral and financial assistance received: Zameer

Foreign Minister Moosa Zameer announced today that the Maldives has received the 'green signal' that both China and India will defer loan repayments due in the near future, alongside financial assistance from several other foreign countries.

Speaking at a press conference held at the President's Office, Minister Zameer highlighted the efforts of the Foreign Ministry to collaborate with foreign nations and international organizations to improve the Maldives' economic situation.

He emphasized that the Maldives had borrowed extensively from India and China for various development projects during previous administrations, and discussions are ongoing to reschedule the repayment of these loans.

“...Discussions are underway to adjust the payment schedules for non-functional assets,” he said.

Minister Zameer recently visited China at the invitation of Chinese Foreign Minister Wang Yi. Prior to this, Indian Minister of External Affairs Dr Subrahmanyam Jaishankar also visited the Maldives for official discussions in various fields.

In addition to the debt repayment discussions, Minister Zameer said that progress had been made in securing financial assistance during his official visits to Bahrain and Saudi Arabia this month, where he delivered a special letter from President Dr Mohamed Muizzu seeking support.

“...All of this is a very positive sign, and follow up work is ongoing," he said.

Minister Zameer expressed optimism about the country's economic direction but added that overcoming the challenges inherited from previous governments will take time. He assured that the government is committed to increasing revenue, expanding the economy, and fulfilling the promises made to the people without delay.

In July, President Muizzu had announced that the Chinese government had agreed to defer the repayment of loans taken by the Maldives for various development projects through China's Exim Bank for the next five years.