An aerial view of Male, the capital of Maldives. -Collected
The Maldivians are going to cast their ballots on 23rd September (Sunday) in the next general election of Maldives. Maldives is most likely to get under financial pressure if President Abdulla Yameen wins the polls because of some infrastructural projects in Maldives which are funded by Chinese debts. Maldives got much closer to China during the tenure of President Abdulla Yameen. China has financed roads, bridges and some other construction works in Maldives through loan-based contracts between Chinese and Maldivian sides.
Foreign affairs experts have said that Maldives is already trapped in Chinese debts ahead of the upcoming election. It goes without saying that China's Belt and Road Initiative (BRI) has meanwhile endangered some other countries with loans on stern terms and conditions.
Therefore, worries for the economy of Maldives are rising. However, Chinese authorities have denied the allegations about BRI. President Abdulla Yameen has also termed Chinese debts as foreign investments though it is not being much endorsed by economists.
Abdulla Yameen looks forward to another five years in presidential post in Maldives. Reportedly Chinese government has been constantly backing up Abdulla Yameen for his victory in the polls to be held on September 23.
Abdulla Yameen has in the meantime managed to imprison his political opponents on different charges. Questions have meanwhile come up about the prevalence of democratic norms in Maldives.
Center for Global Development, an American institution has said that Maldives is very much at risk with China's Belt and Road Initiative. According to Center for Global Development (CGD), China's loans to Maldives have amounted to 1.3 billion USD which is higher than one quarter of Maldives' annual gross domestic product (GDP).
On the other hand, exiled Maldivian Prime Minister Mohamed Nasheed told media that the loans could be over USD 2.5 billion. Scott Morris, a researcher for CGD has remarked that China has become a highly dominant factor in regulating politics in Maldives by means of its participation in Maldivian development programs.
According to geopolitical sources, Maldives' sovereignty might get jeopardized if China exerts its power on Maldivian government. World Bank and International Monetary Fund (IMF) have said that Maldives will be heading for economic distress if the ongoing expenditure continues. However, Abdulla Yameen has dismissed these apprehensions.
Sri Lanka, Kenya, Nigeria, Sudan, Pakistan and some more developing countries have suffered immense financial damages after accepting Chinese debts. For this reason, the concern about Maldives' economic future cannot be taken lightly according to international media.
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