Male’, Maldives – France and America signs an agreement on Group of Twenty (G20) Debt Service Suspension Initiative (DSSI) to allow delay in the repayment of some of the loans that were taken by Maldives.
The G20 DSSI is an initiative by the World Bank, under which, G-20 countries committed to suspending debt services of low income countries, on official bilateral credits.
Under this initiative, the Government of Maldives has signed an agreement with the Government of France and the United States of America to temporarily suspend the debt-service payments Maldives owes to bilateral creditors.
The Ministry of Foreign Affairs of Maldives informed that this agreement with France and America will contribute directly to the Maldives’ ongoing economic recovery efforts and will also improve debt transparency and debt management amidst the present economic challenges the country is facing.
While both of the signing ceremonies were held at Sri Lanka, the signing ceremony with France was held at the Embassy of France in Sri Lanka. It was attended by senior officials from the High Commission of Maldives and the Embassy of France.
On behalf of Maldives, the France agreement was signed by High Commissioner of the Republic of Maldives to the Democratic Socialist Republic of Sri Lanka, Omar Abdul Razzak and by Eric Lavertu, Ambassador of France to the Republic of Maldives, on behalf of the Government of France.
While the signing ceremony with America was held at the High Commission of the Republic of Maldives in Colombo of Sri Lanka, it was attended by senior officials from both the High Commission and the Embassy of the United States of America.
On behalf of Maldives, the agreement with the United States was signed by the High Commissioner of the Republic of Maldives to the Democratic Socialist Republic of Sri Lanka, Omar Abdul Razzak and by Alaina Teplitz, Ambassador of the United States of America to the Republic of Maldives, on behalf of the Government of America.