Thursday 11th Aug 2022
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India

Maldives to borrow additional USD 119 million from India

Maldives has signed an agreement with India to borrow additional USD 119 million from India.
The agreement was signed during the ongoing visit of President Ibrahim Mohammed Solih to India. According to the government, the loan will be utitlized to develop 2000 housing units in Hulhumale'.
In addition to the loan agreement, additional 5 agreements were signed between India and Maldives. They are in the fields of empowering local councils, cyber security, fishing, disaster management, and security.
The Maldives is heavily in debt right now and international financial institutions have warned that the Maldives might face the same fate as Sri Lanka.
Sine assuming office President Ibrahim Mohammed Solih has heavily borrowed from India. Huge portion of the external debt of Maldives is to India.