mohamed nasheed china debt grandmother jewelery: China debt cannot be repaid by selling grandmother’s jewelery, former PM of Maldives spill pain – maldives mohamed nasheed says chinese debt cannot be repaid even by selling grandmother jeweleryOn November 18, 2020 by admin
In the name of Dream Project Belt End of President Xi Jinping of China, the Maldives, who are badly trapped in the debt trap, are sweating to repay the debt. The situation is that the government of Maldives has to spend 53 percent of its total income to pay the debt. Of this, 80 percent of the money has to be returned to China. Former Prime Minister of Maldives Mohammed Nasheed, caught in the spiral of Chinese debt, felt pain on Twitter. Nasheed said that we cannot repay this debt of the dragon even by selling my grandmother’s jewelery.
In the present time, the speaker of Maldives Parliament Nasheed tweeted, ‘We are discussing the budget of 2021 in Parliament (Majlis) today. The repayment of Maldives debt will be 53 percent of the government’s total income next year. Of this loan payment, 80 percent of the money will go to China. It is not fully affordable. Even if we sell our grandmother’s jewelery, we cannot repay this debt.
Maldives is being subdued under the debt of China
Let us know that in the name of Belt and Road Project, China, which is trapped in the debt trap of the whole world, now seems to be fully successful in its cause. After Sri Lanka, Maldives, another neighboring country of India and a close friend, is under the debt of China. According to the Maldives government, China has a huge debt of $ 3.1 billion on the country. That too when the entire economy of Maldives is worth about $ 5 billion. In the Corona crisis, Maldives is now afraid of default.
According to the BBC report, the entire economy of Maldives depends on tourism. The Maldives tourism sector has been badly affected by the Corona virus crisis. Maldives earns about two billion dollars each year from tourism, but it is expected to decrease by a third due to Corona. If the corona virus persists, the Maldives may suffer a loss of $ 700 million this year.
China’s total debt is about $ 3.1 billion: Nasheed
Mohammed Nasheed, the speaker of Maldives parliament, says China’s total debt to the country is about $ 3.1 billion. This includes loans taken between governments, loans to government companies and loans to private companies, which have been guaranteed by the Maldives government. Nasheed fears that the Maldives may be trapped in China’s debt trap. Nasheed questioned the feasibility of the infrastructure project in the country for which loans were taken from China.
Nasheed said recently, ‘Will these projects give so much revenue that the loan can be repaid through them? The business plan of these projects does not indicate that the loan can be repaid. Nasheed said that with the help of China, the cost of ongoing projects in the country has also increased manifold. Not only this, the amount of money received is more on paper. He claimed that Maldives received only $ 1.1 billion in aid.
Pro-China Abdullah Yameen took a massive loan
In fact, in the year 2013, the pro-China government of Abdullah Yameen in Maldives took a large loan from China in the name of basic projects in the country. Now this billion dollar loan has become a sore throat for the present government. China had given this money to the Maldives government as part of its belt and road project. After the new government comes into Maldives, it is now investigating the economic health of the country. There are many shocking revelations in this.
China is increasingly entangling the world in its debt trap. Laos has become the new victim of this dragon’s date trap diplomacy. In the event of billions of dollars of Chinese debt not being repaid, Laos has had to hand over its power grid to a Chinese state-run company. According to the report of Harvard Business Review, the Chinese government and its companies have given loans of more than 150 countries for $ 1.5 trillion, or 112 lakh 50 thousand crore rupees.
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