Contours Of The Financial Mess In The Maldives – Analysis
==========
President Mohamed Muizzu is seeking bailouts from India and China; Maldives' foreign and domestic debt was 110% of GDP at the start of 2024; net foreign exchange reserves fell below US$ 50 million in July; gross reserves dropped from US$ 500 million in May to under US$ 400 million; Fitch Ratings downgraded Maldives' debt to CCC+ in June; annual debt servicing needs are US$ 512 million for 2024 and US$ 1.07 billion for 2026; Sukuk bond fell to 71 cents on the US dollar; Maldives' external debt is US$ 3.4 billion, primarily owed to China and India; Muizzu's government is in danger of defaulting on Sukuk; India may assist Maldives amid economic challenges; World Bank emphasizes need for fiscal reforms; Maldives' economy projected to grow by 4.7%; allegations of corruption and nepotism in government spending; former President Mohamed Nasheed calls for transparency regarding financial situation.
#Maldives #FinancialCrisis #Debt #Bailouts #India #China #FitchRatings #Sukuk #WorldBank #Corruption
https://www.eurasiareview.com/02092024-contours-of-the-financial-mess-in-the-maldives-analysis/
Eurasia Review /
npub1wc…jzsfw
2024-09-01 22:51:59
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npub1wc7d8ck45cw5jgdwx6du933w2eqtgpmyvxgk6wtmzdghtpwrx2cqejzsfwPublished at
2024-09-01 22:51:59Event JSON
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"content": "Contours Of The Financial Mess In The Maldives – Analysis\n==========\n\nPresident Mohamed Muizzu is seeking bailouts from India and China; Maldives' foreign and domestic debt was 110% of GDP at the start of 2024; net foreign exchange reserves fell below US$ 50 million in July; gross reserves dropped from US$ 500 million in May to under US$ 400 million; Fitch Ratings downgraded Maldives' debt to CCC+ in June; annual debt servicing needs are US$ 512 million for 2024 and US$ 1.07 billion for 2026; Sukuk bond fell to 71 cents on the US dollar; Maldives' external debt is US$ 3.4 billion, primarily owed to China and India; Muizzu's government is in danger of defaulting on Sukuk; India may assist Maldives amid economic challenges; World Bank emphasizes need for fiscal reforms; Maldives' economy projected to grow by 4.7%; allegations of corruption and nepotism in government spending; former President Mohamed Nasheed calls for transparency regarding financial situation.\n\n#Maldives #FinancialCrisis #Debt #Bailouts #India #China #FitchRatings #Sukuk #WorldBank #Corruption\n\nhttps://www.eurasiareview.com/02092024-contours-of-the-financial-mess-in-the-maldives-analysis/",
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