Minister Shahid calls to postpone loan repayment

Minister of Foreign Affairs, Abdulla Shahid | Photo: Nishan Ali

Male’, Maldives – Minister of Foreign Affairs, Abdulla Shahid has requested to postpone repayment of loans taken by the Maldivian government till the end of 2021.

Minister Shahid called out for the postponement during the “G77 and China” foreign ministers meeting which was held yesterday. In the meeting, Minister Shahid thanked the G20 countries for the moratorium the countries had given in paying back the loans taken from them. The G20 had postponed the loan repayments until the end of this year due to the Covid-19 pandemics impacts on the economies of countries around the world.

He also pointed out that since the pandemic is still not over and that the economies have not been able to recover, that it was important for loan repayments to be differed next year as well.

Minister Shahid also told that such moratoriums should be given to developing countries without any conditions attached to it. He also told that the economic impacts caused due to the hindrance to the global supply chains was drastic. Minister also told that due to this the development of the country has been affected enormously and that the government is trying to mitigate further impacts to the country.

While Foreign Minister Shahid called for loan moratoriums, large banks of the world, India and China have eased up on their loan repayments. China has also told that they were willing to negotiate on postponing loans further.