Maldives Will Implement China FTA in September; Pursuing Similar Agreements With Turkey, UK and India: President Muizzu

President Mohamed Muizzu announced that the Maldives-China Free Trade Agreement (FTA) will take effect in September, with similar agreements being pursued with Turkey, the UK, and India. The FTA with China covers duty relief on 7,897 items across nine sectors, including 298 fish species. Muizzu also revealed efforts for a currency swap agreement with China and India to address dollar shortages, and that China is expected to allow loan repayment over five years. The Export-Import Bank of China provided loans for development projects under the previous Yameen administration, and restructuring is underway. India rolled over US$200 million in loans, with US$50 million paid and a further US$50 million rollover requested. The UAE agreed to defer loan payments over five years. Muizzu claimed MVR 3.8 billion was paid on loans in the past eight months without debt monetisation.

President Mohamed Muizzu announced that the Maldives-China Free Trade Agreement (FTA) will take effect in September, with similar agreements being pursued with Turkey, the UK, and India. The FTA with China covers duty relief on 7,897 items across nine sectors, including 298 fish species. Muizzu also revealed efforts for a currency swap agreement with China and India to address dollar shortages, and that China is expected to allow loan repayment over five years. The Export-Import Bank of China provided loans for development projects under the previous Yameen administration, and restructuring is underway. India rolled over US$200 million in loans, with US$50 million paid and a further US$50 million rollover requested. The UAE agreed to defer loan payments over five years. Muizzu claimed MVR 3.8 billion was paid on loans in the past eight months without debt monetisation.

President Mohamed Muizzu announced that the Maldives-China Free Trade Agreement (FTA) will take effect in September, with similar agreements being pursued with Turkey, the UK, and India. The FTA with China covers duty relief on 7,897 items across nine sectors, including 298 fish species. Muizzu also revealed efforts for a currency swap agreement with China and India to address dollar shortages, and that China is expected to allow loan repayment over five years. The Export-Import Bank of China provided loans for development projects under the previous Yameen administration, and restructuring is underway. India rolled over US$200 million in loans, with US$50 million paid and a further US$50 million rollover requested. The UAE agreed to defer loan payments over five years. Muizzu claimed MVR 3.8 billion was paid on loans in the past eight months without debt monetisation.

This story involves 1 source and may affect public understanding of diplomacy / economy.