Maldives' Economic Revival: Minister Saeed Seeks Strategic Alliances in China Amid Fitch Downgrade

Maldives' Trade Minister Mohamed Saeed is negotiating strategic alliances with Chinese banks to boost the nation’s economy. Amidst the US credit rating agency Fitch downgrading Maldives' credit rating to junk, raising concerns about its foreign debt repayment capacity, Saeed seeks to strengthen Chinese cooperation.

Aiming to salvage the Maldives' economy, Trade Minister Mohamed Saeed has initiated strategic talks with Chinese banks following a significant downgrade by US credit ratings agency Fitch. Fitch's move to classify Maldives' credit rating as 'junk' has intensified worries over the country's ability to manage its foreign debt obligations.

Saeed, attending the 15th World Economic Forum in Dalian, China, met with senior officials from the Industrial and Commercial Bank of China (ICBC) and the Bank of China. These discussions aim at fortifying financial engagements amid increasing economic pressures.

In his social media post, Saeed highlighted the significance of these meetings following President Mohamed Muizzu's state visit to Beijing earlier this year. Saeed's initiative marks the first high-level follow-up to bolster Maldives-China relations, targeting robust fiscal support despite Fitch's bleak economic forecast for the Maldives.

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