Maldives Navigates Economic Woes with India and China Aid

President Mohamed Muizzu expressed gratitude to India and China for their crucial support in addressing the Maldives' debt crisis during the 59th anniversary of the country's independence. He highlighted various efforts, including debt restructuring and Free Trade Agreements, that signify improved bilateral relations and future economic stability.

President Mohamed Muizzu has expressed his gratitude to India and China for their significant support in alleviating the Maldives' fragile economy. Highlighting the importance of the two nations, Muizzu addressed the looming debt crisis and future development during the 59th anniversary of the Maldives' independence.

India and China have been instrumental in aiding debt repayment efforts. 'I thank the Chinese government and the Indian government on behalf of the Maldivian people for their cooperation in strengthening our economy and ensuring economic sovereignty,' he stated, as reported by adhadhu.com.

The president, who came to power on an anti-India campaign, has shown a marked change in policy towards India. Recent agreements with both India and China, including debt restructuring and Free Trade Agreements, aim to stabilize the economy. The Maldives' fiscal future depends heavily on this international cooperation as it faces a high risk of debt distress, according to the IMF.

(With inputs from agencies.)