Maldives would not use the provided financial support by India in the purpose of repaying the country’s debt to China, stated president Ibrahim Mohamed Solih on Wednesday.
Midst of the first press conference on his state visit to India, president Solih stated that his government will regard utilizing the provided fund from China to rest budgetary constraints instead of repaying existing debt.
India’s credit facilities includes:
USD200 million – Budget support
USD400 million – Currency swap
USD800 million – Line of Credit
President Solih has also noted that his government, with the Chinese government, intend to confer offering some leeway into current agreements.
China has previously granted loans to fund several major infrastructure projects during pres.Yameen’s regime, which includes Male’ – Hulhumale’ bridge.
