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Won't Be Able to Repay China Even if We Sell Our 'Grandmother's Jewellery': Ex-Maldivian President

Suriya

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Won't Be Able to Repay China Even if We Sell Our 'Grandmother's Jewellery': Ex-Maldivian President
© AP Photo / Manish Swarup
ASIA & PACIFIC
10:40 GMT 18.11.2020
US Secretary of State Mike Pompeo paid a historic visit to the Maldives last month, announcing the opening of an American Embassy in the island nation. Pompeo's visit followed the finalising of the Maldives-US defence pact, which observers say is part of Washington's strategy to check Beijing's influence in the country.

Former Maldivian President and Parliamentary Speaker Mohamed Nasheed has criticised the high debt the island nation owes to China, as his country's government finalised the annual budget on Wednesday.

"Discussing (the) 2021 budget in Majlis today. Debt repayments next year will amount to 53% of government revenue. Over 80% of debt repayments will go to China. Totally unaffordable. Even if we sell our grandmother's jewelry, we won't be able to afford these repayments", said Nasheed on Twitter.

The tweet comes against the backdrop of the Indian Ocean country emerging from an economically taxing COVID-pandemic, which the World Bank estimated earlier this year could hit Male harder than other regional economies.

Nearly 70 percent of the nation's revenue flow from tourism was crippled as international air traffic was hit due to lockdowns in other countries.

In an interview with the BBC last month, Nasheed estimated that the Maldives owed nearly $3.1 billion to Beijing, most of it loaned during the tenure of the previous government headed by former President Abdulla Yameen. The nation's overall GDP was valued at just over $5.3 billion in 2018, as per the World Bank.

Chinese officials, however, have in the past claimed that Male owed over $1 billion to China, most of the money loaned to Male is in the form of government-to-government loans, private loans guaranteed by the Maldives government via "sovereign guarantees", and funds disbursed to Maldivian state enterprises.

The $200 million Maldives-China Friendship Bridge is one of the showcase infrastructure projects built by Beijing on the strategically-located island archipelago in the Indian Ocean.
Anand Kumar, an associate fellow at the New Delhi-based think tank Manohar Parrikar Institute for Defence Studies and Analyses, told Sputnik that a unique situation existed in the Maldives, where the "creditor was demanding less money than what the debtor estimated".

"The former president (Yameen) is said to have taken loans from China to fund private projects owned by some of his cronies. He had in fact taken loans for these projects in return for sovereign guarantees", said Kumar, who has also authored a book titled "Multi-party Democracy in the Maldives and the Emerging Security Environment in the Indian Ocean Region".
The Maldives Democratic Party (MDP), which Nasheed heads, returned to power in 2018. Ibrahim Mohamed Solih, a party colleague of Nasheed, assumed the presidency after MDP's triumph.
In the lead-up to the 2019 vote, the MDP had campaigned extensively on the issue of rising foreign debt, as it attacked the then-president for his reliance on foreign capital.

 

Globenim

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Of course not mentioned by U.S. state propaganda shills:

Over the past decades Maledives debt has been several times nearly as high and even higher than the current debt rate before China even stepped in with infrastructure projects.

The share of debt does not tell anything about the quality of the debt but only the level of involvement in business, so this is just missinforming propaganda for ignorants and low IQ retards that dont care either way.

And unlike previous and alternative creditors China is known to wave and restructure debt much more leniently and continously providing actual and real infrastructural benefits in their deals and projects.

So the only concern of mouthfull rogue regimes like in the USA appears to be that the debt is now managed by China and there is no place for the American debt trap schemes deliberately extorting the countries to sell their industries and last crownjewels to "private" state backed American bankers and equity funds to pay off debt to American bankers or funds and credits that never seen they eyes of "commoners" in any form, while domestic industries are looted by their new American owners .
 

Jugger

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Won't Be Able to Repay China Even if We Sell Our 'Grandmother's Jewellery': Ex-Maldivian President
© AP Photo / Manish Swarup
ASIA & PACIFIC
10:40 GMT 18.11.2020
US Secretary of State Mike Pompeo paid a historic visit to the Maldives last month, announcing the opening of an American Embassy in the island nation. Pompeo's visit followed the finalising of the Maldives-US defence pact, which observers say is part of Washington's strategy to check Beijing's influence in the country.

Former Maldivian President and Parliamentary Speaker Mohamed Nasheed has criticised the high debt the island nation owes to China, as his country's government finalised the annual budget on Wednesday.

"Discussing (the) 2021 budget in Majlis today. Debt repayments next year will amount to 53% of government revenue. Over 80% of debt repayments will go to China. Totally unaffordable. Even if we sell our grandmother's jewelry, we won't be able to afford these repayments", said Nasheed on Twitter.

The tweet comes against the backdrop of the Indian Ocean country emerging from an economically taxing COVID-pandemic, which the World Bank estimated earlier this year could hit Male harder than other regional economies.

Nearly 70 percent of the nation's revenue flow from tourism was crippled as international air traffic was hit due to lockdowns in other countries.

In an interview with the BBC last month, Nasheed estimated that the Maldives owed nearly $3.1 billion to Beijing, most of it loaned during the tenure of the previous government headed by former President Abdulla Yameen. The nation's overall GDP was valued at just over $5.3 billion in 2018, as per the World Bank.

Chinese officials, however, have in the past claimed that Male owed over $1 billion to China, most of the money loaned to Male is in the form of government-to-government loans, private loans guaranteed by the Maldives government via "sovereign guarantees", and funds disbursed to Maldivian state enterprises.

The $200 million Maldives-China Friendship Bridge is one of the showcase infrastructure projects built by Beijing on the strategically-located island archipelago in the Indian Ocean.
Anand Kumar, an associate fellow at the New Delhi-based think tank Manohar Parrikar Institute for Defence Studies and Analyses, told Sputnik that a unique situation existed in the Maldives, where the "creditor was demanding less money than what the debtor estimated".

"The former president (Yameen) is said to have taken loans from China to fund private projects owned by some of his cronies. He had in fact taken loans for these projects in return for sovereign guarantees", said Kumar, who has also authored a book titled "Multi-party Democracy in the Maldives and the Emerging Security Environment in the Indian Ocean Region".
The Maldives Democratic Party (MDP), which Nasheed heads, returned to power in 2018. Ibrahim Mohamed Solih, a party colleague of Nasheed, assumed the presidency after MDP's triumph.
In the lead-up to the 2019 vote, the MDP had campaigned extensively on the issue of rising foreign debt, as it attacked the then-president for his reliance on foreign capital.

The Chinese will take their land, resources and their grandmother.... the Chinese don’t care!!
 

Verve

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It's called a debt trap.
Expect a 99 year lease of their land in the near future.
Who is the stupid then? People of Maldives elected those corrupt leaders who took such loans with sovereign guarantees and lined their pockets instead. But where have they stashed their loot? Answer is: Western countries!

So why the feck are you moaning about it? Your countries are reaping the ultimate benefit of the cash stashed in your banks!
 

Hamartia Antidote

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Menthol

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Under the global coronavirus pandemic and the fall of the global economy today...

Not to mention Maldives depends on tourism.

It's a dead end for them.


Whatever from China or other countries, Maldives is basically doomed.


Maldives can hate China.

But Maldives should ask for themselves, who is asking for credit in the first place?

Not giving it, Maldives will blame China for not trusting them, lack of compassion by not supporting Maldives' cause to be prosperous.

Giving it, Maldives will blame China too for trapping them into a debt trap.


But of course the whole picture of China credit should not be seen by just one failure country case.

There are more than a hundred of countries around the world who is borrowing money from China.

And they are fine.
 
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925boy

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The Chinese will take their land, resources and their grandmother....
and CHina is going to take Nigeria's land, oil, timber, graphite, coal, everything, because Nigeria is the top loan recipient from China ,and currently spends 80% of its current revenue on debt servicing....

the Chinese don’t care!!
Nobody "cares" in capitalism...its all about whose smart and timely, US doesnt care either so its hypocritical to accuse China of not caring when no one else does actually.
 

shanlung

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Did US do the same to Diego Garcia people or just took their/exchange land?

Muricans did not!

They got their pet poodle , the Brits to do their dirty work of kicking those people out and paying them peanuts.

FOR THE GREATER GOOD OF DEMOCRACY AND HUMAN RIGHTS OF THE WORLD.

:rofl: :rofl: :rofl:


:rofl::enjoy::pleasantry:
 
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Zsari

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Viva_Viet

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Won't Be Able to Repay China Even if We Sell Our 'Grandmother's Jewellery': Ex-Maldivian President
© AP Photo / Manish Swarup
ASIA & PACIFIC
10:40 GMT 18.11.2020
US Secretary of State Mike Pompeo paid a historic visit to the Maldives last month, announcing the opening of an American Embassy in the island nation. Pompeo's visit followed the finalising of the Maldives-US defence pact, which observers say is part of Washington's strategy to check Beijing's influence in the country.

Former Maldivian President and Parliamentary Speaker Mohamed Nasheed has criticised the high debt the island nation owes to China, as his country's government finalised the annual budget on Wednesday.

"Discussing (the) 2021 budget in Majlis today. Debt repayments next year will amount to 53% of government revenue. Over 80% of debt repayments will go to China. Totally unaffordable. Even if we sell our grandmother's jewelry, we won't be able to afford these repayments", said Nasheed on Twitter.

The tweet comes against the backdrop of the Indian Ocean country emerging from an economically taxing COVID-pandemic, which the World Bank estimated earlier this year could hit Male harder than other regional economies.

Nearly 70 percent of the nation's revenue flow from tourism was crippled as international air traffic was hit due to lockdowns in other countries.

In an interview with the BBC last month, Nasheed estimated that the Maldives owed nearly $3.1 billion to Beijing, most of it loaned during the tenure of the previous government headed by former President Abdulla Yameen. The nation's overall GDP was valued at just over $5.3 billion in 2018, as per the World Bank.

Chinese officials, however, have in the past claimed that Male owed over $1 billion to China, most of the money loaned to Male is in the form of government-to-government loans, private loans guaranteed by the Maldives government via "sovereign guarantees", and funds disbursed to Maldivian state enterprises.

The $200 million Maldives-China Friendship Bridge is one of the showcase infrastructure projects built by Beijing on the strategically-located island archipelago in the Indian Ocean.
Anand Kumar, an associate fellow at the New Delhi-based think tank Manohar Parrikar Institute for Defence Studies and Analyses, told Sputnik that a unique situation existed in the Maldives, where the "creditor was demanding less money than what the debtor estimated".

"The former president (Yameen) is said to have taken loans from China to fund private projects owned by some of his cronies. He had in fact taken loans for these projects in return for sovereign guarantees", said Kumar, who has also authored a book titled "Multi-party Democracy in the Maldives and the Emerging Security Environment in the Indian Ocean Region".
The Maldives Democratic Party (MDP), which Nasheed heads, returned to power in 2018. Ibrahim Mohamed Solih, a party colleague of Nasheed, assumed the presidency after MDP's triumph.
In the lead-up to the 2019 vote, the MDP had campaigned extensively on the issue of rising foreign debt, as it attacked the then-president for his reliance on foreign capital.

CN is too bad, they make many nations get angry, thats why 1998 Hoa massacre happened. :coffee:
 

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