The Maldives’ foreign exchange

equivalent to 116 per cent of GDP — in the first quarter of 2024. US$1.37 billion and US$124 million of debt is in loans owed to China and India, respectively. The Maldives’ foreign exchange reserves have dropped to US$440 million, covering only 1.5 months of imports. These economic challenges have forced Muizzu to mend ties with India The Maldivian government aims to restructure debt and settle trade in local currencies. It signed a cooperation agreement with Beijing, promoting financing through local currencies. India also stepped up its efforts by offering US$110 million of aid and contributing US$1.4 billion for infrastructure and development projects สล็อตเว็บตรง