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Excerpt from business.inquirer.netMalé, Maldives — The International Monetary Fund warned the Maldives against looming “debt distress” Monday, as the small but strategically placed luxury tourist destination looks set to borrow more from main creditor China.
Since winning office last year, President Mohamed Muizzu has reoriented the atoll nation — known for its upmarket beach resorts and celebrity vacationers — away from traditional benefactor India and towards Beijing.
Last month his party won parliamentary elections in a landslide after promising to build thousands of apartments, reclaim more land for urban development, and upgrade airports, all with Chinese funding.
Without naming the archipelago’s main lender, the IMF said the Maldives remained “at high risk of external and overall debt distress” without “significant policy changes”.
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