Friday, February 3, 2023
DhiDaily - English Edition
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި
No Result
View All Result
DhiDaily - English Edition
No Result
View All Result

Maldives in the Top 5 of Most in Debt to China

Ibrahim by Ibrahim
September 2, 2022
0
Maldives in the Top 5 of Most in Debt to China
0
SHARES
24
VIEWS

Forbes magazine has placed the Maldives in the top five list of countries most in debt to China.

In an article published by Forbes, the Maldives was placed third in the list, with 38% of external debt to China as a percentage of Gross National Income (GNI) in 2020. A total of USD1.4 billion of the Maldives state debt is from loans taken from China. The Maldives has taken USD2.5 billion in loans from 2013 to 2018 and has taken another USD2.4 billion in loans in the past four years. As of June 2022, the state debt stands at USD6.5 billion and is estimated to increase to USD6.7 billion.

In the article, Forbes cited data from The World Bank which shows that countries heavily in debt to China are mostly located in Africa, but can also be found in Central Asia, Southeast Asia, and the Pacific. It stated that China is currently the preferred lender to the world’s low-income countries, which owe 37% of their debt to China in 2022, compared to just 24% in bilateral debt to the rest of the world.

Furthermore, Forbes stated that 30% of GNI or more in Chinese debt affects the Maldives and Laos, with the latter just having opened a railway line to China which is already causing debt issues for the country. It also stated that Chinese loans to developing nations have higher interest rates than bilateral loans from Paris Club countries or international institutions like the International Monetary Fund (IMF) or The World Bank and also have shorter repayment windows. Their setup is therefore closer to commercial loans concerning their conditions of repayment and confidentiality but also their objectives of funding very specific infrastructure projects instead of pursuing more generalised developmental goals.

Tags: ChinaMALDIVES

Related Posts

Boahura Omitted From Islands To Be Leased for Tourism List
Local

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans
Business

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year
Business

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
MTCC Launches Online Top-Up Service for Dhathuru Card

MTCC Launches Online Top-Up Service for Dhathuru Card

April 19, 2021
Fire Breaks Out in Vakkaru Resort

Fire Breaks Out in Vakkaru Resort

December 14, 2021
The Power of Women’s Leadership, A Powerful Economy

The Power of Women’s Leadership, A Powerful Economy

March 14, 2021
Police Begins Operation to Arrest High-Profile Individuals Involved in Sex Scandal

Three Arrested Over Alleged Same-Sex Videos Released from Custody

August 13, 2022
Stewart Fired as CEO of MACL

Stewart Fired as CEO of MACL

1
Speaker Nasheed Undergoes Multiple Successful Surgeries

“I Will Not Compete Against President Solih” – Nasheed

1
Cat Strangling Video Receives Backlash

Cat Strangling Video Receives Backlash

1
UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

UK Prime Minister Boris Johnson Reveals His Cautious Lockdown Easing Plan

0
Boahura Omitted From Islands To Be Leased for Tourism List

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023
A Walkthrough Maldives’ Terrifying Dollar Tale

BML Removes Monthly USD Withdrawal Limit

February 2, 2023

Recent News

Boahura Omitted From Islands To Be Leased for Tourism List

Boahura Omitted From Islands To Be Leased for Tourism List

February 2, 2023
BML Reduces Interest Rate to 5% on Student Loans

BML Reduces Interest Rate to 5% on Student Loans

February 2, 2023
Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

Dhiraagu Awarded Fastest Mobile Network In Maldives For Second Consecutive Year

February 2, 2023
A Walkthrough Maldives’ Terrifying Dollar Tale

BML Removes Monthly USD Withdrawal Limit

February 2, 2023
DhiDaily - English Edition

© 2022 Dhidaily

  • About
  • Advertise
  • Privacy & Policy
  • Contact

No Result
View All Result
  • Home
  • Local
  • Reports
  • World
  • Business
  • Sports
  • Entertainment
  • Tech
  • ދިވެހި

© 2022 Dhidaily