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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Maldives also Now facing Sri Lanka’s Same Debt Trap Syndrome

Maldives also Now facing Sri Lanka’s Same Debt Trap Syndrome

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Miss-Sangeetha

Miss-Sangeetha
Moderator
Moderator
The new Maldives government is considering pulling out of a free trade agreement with China, a top leader from the islands' governing alliance says.

"The free trade agreement is very one-sided... the numbers don't match," ex-president Mohamed Nasheed told the BBC.

The Maldives' parliament would not approve the law required for the trade deal to come into force, he added.

The comments come days after Mr Nasheed's ally Ibrahim Mohamed Solih became the Maldives' new president.

Mr Nasheed - a senior advisor to President Solih - was barred from contesting the September elections.

There has been no immediate response from China to the latest comments, but a week ago the Chinese embassy in the capital Male rejected a statement by Mr Nasheed in which he said his country risked falling into a debt trap with Beijing.

The previous president, Abdulla Yameen, preferred close links with China and signed the free trade agreement during a visit to Beijing last December.

China and Chinese companies have invested hundreds of millions of dollars in various infrastructure projects in the Indian Ocean nation, known for its luxury resorts and coral islands.

But Mr Nasheed's comments are seen as the latest sign of a backlash against Beijing in the Maldives.

The Indian-Ocean archipelago is among a number of small countries where China has invested billions of dollars building highways and ports as part of its Belt and Road Initiative, to promote trade between Asia and parts of the rest of the world.

Mr Nasheed also said China and Chinese companies have taken over a number of islands in the Maldives on leases ranging from 50 to 100 years.

"If any of these investments (in the islands) are not commercial then we must review it… Nothing was made public in the last five years," the former president said.

Mr Nasheed prefers close ties with India, which has been trying to regain its influence in the Maldives.

The Indian prime minister, Narendra Modi, was among the guests who attended the swearing-in of President Solih in the capital Male on Saturday.

Mr Solih is also expected to make his first state visit to India next month.

Source- https://www.bbc.com/news/world-asia-46269504

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Miss-Sangeetha wrote:The new Maldives government is considering pulling out of a free trade agreement with China, a top leader from the islands' governing alliance says.

"The free trade agreement is very one-sided... the numbers don't match," ex-president Mohamed Nasheed told the BBC.

The Maldives' parliament would not approve the law required for the trade deal to come into force, he added.

The comments come days after Mr Nasheed's ally Ibrahim Mohamed Solih became the Maldives' new president.

Mr Nasheed - a senior advisor to President Solih - was barred from contesting the September elections.

There has been no immediate response from China to the latest comments, but a week ago the Chinese embassy in the capital Male rejected a statement by Mr Nasheed in which he said his country risked falling into a debt trap with Beijing.

The previous president, Abdulla Yameen, preferred close links with China and signed the free trade agreement during a visit to Beijing last December.

China and Chinese companies have invested hundreds of millions of dollars in various infrastructure projects in the Indian Ocean nation, known for its luxury resorts and coral islands.

But Mr Nasheed's comments are seen as the latest sign of a backlash against Beijing in the Maldives.

The Indian-Ocean archipelago is among a number of small countries where China has invested billions of dollars building highways and ports as part of its Belt and Road Initiative, to promote trade between Asia and parts of the rest of the world.

Mr Nasheed also said China and Chinese companies have taken over a number of islands in the Maldives on leases ranging from 50 to 100 years.

"If any of these investments (in the islands) are not commercial then we must review it… Nothing was made public in the last five years," the former president said.

Mr Nasheed prefers close ties with India, which has been trying to regain its influence in the Maldives.

The Indian prime minister, Narendra Modi, was among the guests who attended the swearing-in of President Solih in the capital Male on Saturday.

Mr Solih is also expected to make his first state visit to India next month.

Source- https://www.bbc.com/news/world-asia-46269504
Here China's golaya MARA got Horu PM through back door. It is dangerous to India,US,UK,Europe, etc.Let's see the outcome Very Happy Very Happy Very Happy

samaritan


Moderator
Moderator
May be the new Maldivian govt must be like the ousted UNP govt who don't have the expertise to manage the nation's economy.


_________________




The biggest risk in life is not taking any risk at all.

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@samaritan wrote:May be the new Maldivian govt must be like the ousted UNP govt who don't have the expertise to manage the nation's economy.

Managing National Economy with higher rated loans from China doesn't need expertise.

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

samaritan


Moderator
Moderator
@ranferdi wrote:
@samaritan wrote:May be the new Maldivian govt must be like the ousted UNP govt who don't have the expertise to manage the nation's economy.

Managing National Economy with higher rated loans from China doesn't need expertise.
A crisis situation warrants more skills & expertise than in a normal situ. The country has gone thro' its worse over the last nearly 4 years and nothing can be worse than that. Regarding the FTA with S'pore this govt did not abruptly say that it will cancel it but stated that it would review same, unlike the ousted govt's idiotic diplomacy like halting the Port City project abruptly.
Subsequently forced to strike a raw deal in relation to H'tota port mainly b'cos of the strained relationship. What i am saying is they should have stated that they would review the project in future and could have made the amendments to the agreement instead of throwing egg on China's face and in turn standing at their door with a begging bowl.


_________________




The biggest risk in life is not taking any risk at all.

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@samaritan wrote:
@ranferdi wrote:
@samaritan wrote:May be the new Maldivian govt must be like the ousted UNP govt who don't have the expertise to manage the nation's economy.

Managing National Economy with higher rated loans from China doesn't need expertise.
A crisis situation warrants more skills & expertise than in a normal situ. The country has gone thro' its worse over the last nearly 4 years and nothing can be worse than that. Regarding the FTA with S'pore this govt did not abruptly say that it will cancel it but stated that it would review same, unlike the ousted govt's idiotic diplomacy like halting the Port City project abruptly.
Subsequently forced to strike a raw deal in relation to H'tota port mainly b'cos of the strained relationship. What i am saying is they should have stated that they would review the project in future and could have made the amendments to the agreement instead of throwing egg on China's face and in turn standing at their door with a begging bowl.
 government has gone through worst ever period because of debt burden created by Rajpassa.

IS that because of incapability that yahapalana government built up foreign reserves upt 7.2 billion USD ??

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

samaritan


Moderator
Moderator
@ranferdi wrote:
@samaritan wrote:
@ranferdi wrote:
@samaritan wrote:May be the new Maldivian govt must be like the ousted UNP govt who don't have the expertise to manage the nation's economy.

Managing National Economy with higher rated loans from China doesn't need expertise.
A crisis situation warrants more skills & expertise than in a normal situ. The country has gone thro' its worse over the last nearly 4 years and nothing can be worse than that. Regarding the FTA with S'pore this govt did not abruptly say that it will cancel it but stated that it would review same, unlike the ousted govt's idiotic diplomacy like halting the Port City project abruptly.
Subsequently forced to strike a raw deal in relation to H'tota port mainly b'cos of the strained relationship. What i am saying is they should have stated that they would review the project in future and could have made the amendments to the agreement instead of throwing egg on China's face and in turn standing at their door with a begging bowl.
 government has gone through worst ever period because of debt burden created by Rajpassa.

IS that because of incapability that yahapalana government built up foreign reserves upt 7.2 billion USD ??
Ponzi fame butterflies have borrowed more than USD 21billion since 2015 and casted doubts about loan repayment due early next year.


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The biggest risk in life is not taking any risk at all.

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