The Maldives will consider its budget for next year on March 18, and the country’s former president and current speaker of parliament, Mohamed Nasheed, tweeted on March 18 that the debt to China “can’t be paid off even if you sell your grandmother’s jewelry. Mohamed Nasheed, the country’s former president and current speaker of the National Assembly, tweeted on 18 March that the debt to China “could not be repaid even if I sold my grandmother’s jewels”. Most of the country’s loans were taken out during the tenure of the pro-China former president, and China has made it clear in the past that the Maldives offered its sovereignty as collateral in exchange for loans.
According to RIA Novosti, Maldivian Parliament Speaker Nasheed tweeted, “Today in parliament to discuss the 2021 budget, next year’s debt repayment will account for 53% of government revenue, of which more than 80% will go to China, which we can’t afford at all, even if we sell our grandmother’s jewels. ”
Nasheed estimated last month that the Maldives’ debt to Beijing is nearly $3.1 billion, with most of the loans having been requested from China during the term of former pro-China President Abdulla Yameen. Chinese officials have in the past stated that the funds provided to the Maldives are “government-to-government loans,” and that they are loans guaranteed by the Maldivian government through its sovereignty, with China providing the funds to Maldivian state-run enterprises.
According to BCFOCUS, Maldives’ pro-China former president Abdullahi Yameen applied for a large loan from China, which is a guarantee of the Maldivian government’s sovereignty. In the case of Laos, for example, if the country is unable to repay its debts to China, it will have to hand over its power grid system to a Chinese state-owned enterprise to operate.
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