China has tried to trap many countries in the name of the Belt and Road Project. China has refuted the claims, but the weak economic situation of the countries Dragon claimed to be helping bears witness to this. The latest example is the Maldives, whose former president has once again expressed the pain of the debt to China.
The country’s former president, Mohammad Nasheed, tweeted: “The Maldives’ treasury will have to repay $ 15 million to Chinese banks in 14 days. These banks have not granted any concessions to the Maldives. This amount represents more than 50% of government revenue over the next 14 days. The Maldives will need a break after Kovid.
Previously, former President of Maldives Mohammed Nasheed, trapped in China’s debt spiral, was pained on Twitter. Nasheed had said that we cannot pay off this dragon debt even by selling my grandmother’s jewelry.
According to the BBC report, the entire economy of the Maldives depends on tourism. The tourism sector in the Maldives has been severely affected by the Corona virus crisis. The Maldives earn around two billion dollars each year from tourism, but it is expected to decline by a third thanks to Corona. If the corona virus persists, the Maldives could suffer a loss of $ 700 million this year.
In fact, in 2013, the pro-Chinese government of Abdullah Yameen in the Maldives took out a large loan from China on behalf of grassroots projects in the country. Today that billion dollar loan has become a sore throat for the current government. China had given this money to the government of Maldives as part of its belt and road project.