The IMF warns Maldives of imminent debt distress due to increasing Chinese loans.
The IMF has warned the Maldives of imminent debt distress due to increasing Chinese loans. President Mohamed Muizzu's administration has shifted focus towards China, the main creditor, after winning office last year. The IMF urged the Maldives to increase revenue and cut spending to prevent a looming crisis. The small, tourism-dependent island nation's public debt is expected to rise to 118.7% of GDP in 2023.
May 13, 2024
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