Maldives has the third biggest debt burden to China in terms of gross national income, according to a report published by Forbes.
According to the report, which refers to data collected from the World Bank, as of 2020, Chinese debt to Maldives amounted to 31 percent of Maldives’ GNI. The country’s total debt amounted to MVR 86 billion by the end of 2020, MVR 44 billion of which was external debt.
The countries with the biggest debt burden to China are Djibouti and Angola. In Djibouti, the debt to China amounts to 43 percent of GNI. And in Angola, the debt to China amounts to 41 percent of GNI.
Meanwhile, the country most heavily in debt to China is Pakistan, which owes USD 77.3 billion to China. Angola owes USD 36.3 billion, Ethiopia owes USD 7.9 billion, Kenya owes USD 7.4 billion, and Sri Lanka owes USD 6.8 billion.
According to statistics released by Finance Ministry, Maldives debt rose to MVR 99 billion by end of Q1 2022. It made up for 113 percent of GDP.
The projects in Maldives funded with loans from China include the construction of the Sinamale’ Bridge and the airport development project.
Former Maldivian leader Abdulla Yameen Abdul Gayoom had been heavily reliant on China for infrastructure development projects during his administration. The current administration, meanwhile, relies heavily on loans from India for projects.