CHINA-ECONOMY: CHINA'S EXIM BANK RECALLS US$ 10 MILLION LOAN TO MALDIVES' M.P.

Maldives 'The Edition' reported (July 27) that China's Exim Bank ordered the Maldivian government to pay US$ 10 million (MVR 154 million), from a loan issued to the parliament representative for Dhaalu Atoll's Meedhoo constituency Ahmed Siyam (Sun Siyam), granted via a sovereign guarantee provided by the previous administration. In the event that the state fails or refuses to pay the debt, it would result in a sovereign default, which may devalue the Maldivian currency and affect international trade, as well as affect the country's global standing. According to local media Mihaaru, the US$ 127 million (MVR 2 billion) loan issued in 2017 to the Meedhoo MP's company, Sun Siyam Resorts Pvt Ltd, was the largest loan undertaken with a sovereign guarantee by the state. MP Shiyam is currently involved with developing one of the largest resorts in Maldives, located at Dhigurah, Noonu Atoll. The project is funded by the China Exim Bank's loan. 





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