The Governor of Maldives Monetary Authority (MMA) Ahmed Munawwar has met with the Ambassadors of China and India amid growing fears that the country's usable dollar reserves could run out as the financial crisis worsens.
In a post on X, MMA said Munawwar met separately with Indian High Commissioner Munu Mahawar and Chinese Ambassador Wang Lixin.
"The discussions aimed to enhance economic cooperation and strengthen financial ties between their nations and the Maldives," the post read.
China and India are the two largest lenders for the Maldives. The government is working to facilitate the repayment of loans.
President Dr. Mohamed Muizzu has repeatedly claimed that China has given the green signal to restructure debts.
However, the work on restructuring debts has not started. Additionally, Ambassador Lixin said in May that the country had no intention of restructuring debt.
Speaking at a press conference at the Chinese embassy, she said technical teams from China and the Maldives have been exploring avenues for restructuring the debt but China does not intend to do so at the moment.
The largest portion of the Maldivian state's external debt is owed to the 100 percent state-owned Export-Import Bank of China. The debt owed to the bank stood at MVR 8.1 billion at the end of last year's third quarter.
Meanwhile, the Indian government decided in May to rollover a USD 50 million Treasury Bill for an additional year upon the request of the Maldives government.
The government has also requested to convert a USD 50 million debt due next month into a grant aid.
Munawwar is scheduled to fly to Saudi Arabia today. He is accompanying Foreign Minister Moosa Zameer on an official visit.
