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India, Maldives sign four pacts to boost bilateral relations

India, Maldives sign four pacts to boost bilateral relations

The newly elected Maldivian president Soilh and Indian PM Narendra Modi signed 4 pacts in the areas of agri business, IT, visa facilitation and cultures.

President Solih chose India as his first country to visit after assuming office and confirmed Maldives’s foreign policy will be India First.

Indian government also announced $1.4 billion financial assistance to Maldives.

Debt Trap Policy: China

Maldives owes near to $3.2 billion debt to China and the country’s financial ratings are on the decline curve. India’s assistance will help to repay its debt and also help to boost its rating in the world market.

With annual revenues of $1.5 billion and an annual gross domestic product of around $3.9 billion, it would be hard for the Maldives to service such a high debt.

Former Maldives President Abdulla Yameen signed various deals and almost leased out 25% of the islands for resorts. And almost quarter of those resorts are owned by Chinese citizens.

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