China has deferred payment of several loans, confirms Pres Office

The President’s Office on Wednesday said China has deferred repayment of several loans

The President’s Office said China, as well as some European countries have deferred repayments under the G-20 Debt Service Suspension Initiative. With this change, loan repayment of most loans has been delayed to fall within the first six months of the upcoming year, and will decrease the repayment amount due in the upcoming year by MVR 809.1 million.

While the government has confirmed loan deferment arrangement options extended by the Chinese government, Speaker of the Parliament and former president of the Maldives continues to allege that China has not extended any such eases regarding repayments.

MVR 4 million has been allocated for loan repayment in the proposed budget for the upcoming year. According to FInance Ministry statistics, the national debt will be at MVR 70.3 billion next year.