Maldives At High Risk of “Foreign Debt Crisis” After Borrowing Heavily From China: IMF
While the Maldivian government is struggling to keep up with the burdening weight of escalating debts, the International Monetary Fund has warned the island nation that it is at a “high risk of debt distress”. This is because the Muizzu-led nation heavily depends on China for borrowing funds. The Maldivian President, under whose tenure the ties between Malé and New Delhi faltered, has stated that not just the government debts are high, but borrowings of the state-owned enterprises have also hit a toll. .
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