President Dr Mohamed Muizzu has commended the Administration’s robust foreign policy, celebrating eight months of diplomatic success. He made these remarks during the official Independence Day function held on Friday evening.
Addressing the gathering at the Maldives Centre for Social Education (MCSE), the President expressed his sincere gratitude to China and India for their support in easing the Maldives’ debt repayment, thereby enabling the country to ensure economic sovereignty.
The President highlighted the assistance provided by the Chinese government in the Maldives’ developmental endeavours. He revealed that the Chinese government had given the green signal for the loans taken from the Chinese Exim Bank for development projects to be deferred for the next five years, and that interest will not need to be paid. He then added that the technicalities of this are ongoing.
Furthermore, the President emphasised that the government is in negotiations with the Chinese and Indian governments to facilitate currency swap agreements. He stated that such agreements would help alleviate the local shortages of US dollars.
Acknowledging the generous assistance extended by the government of the United Arab Emirates (UAE), President Dr Muizzu disclosed that the UAE government had informed that the loans taken from them will be deferred for the next five years. He added that the government had secured financing from the Saudi Fund to build three hospitals. Additionally, the President announced that the Administration is negotiating a Free Trade Agreement (FTA) with the United Kingdom and expressed hope to reach a similar agreement with India.
The President further revealed that preparations to sign an FTA with Türkiye are nearing completion. He added that the FTA would enable duty exemptions or reductions for 53 types of products, benefiting both the Maldives and Türkiye.
The President stated that the international community was receptive to the Maldives’ foreign policy and expressed gratitude for the support received. He particularly credited the expedited airport expansion project to the funding received from Saudi Arabia, China, Kuwait, and the UAE, which facilitated the deferral of loan repayments and the securing of additional funds required for the project’s completion.
