The past 48 hours must have been like a lesson for the Maldives. Maldives Declares Bankruptcy After Indian Tourist Boycott. A large part of the Maldives’ economy, which depended on income from Indian tourists, was at stake. But angered Indian tourists, due to their Prime Minister Modi being insulted, boycotted the Maldives to such an extent that it has now declared itself bankrupt before the International Monetary Fund.
Economists are surprised at how quickly the Maldives’ economy has come to its knees. They and the Maldives’ opposition had warned the government there before that if it apologized to India, things could be sorted out, but perhaps the Maldives did not recognize the seriousness of that matter and now it is forced to bear the consequences.
Maldives Declares Bankruptcy After Indian Tourist Boycott
President Muizzu probably did not realize the rapid growth of the global economy, which is why he went on his first official trip to China instead of India to please Beijing with a five-day visit. There, he appealed to send tourists from China to compensate for the losses from India. But it doesn’t seem that China has paid much attention to his request.
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Due to President Muizzu’s arrogance, relations between India and the Maldives have deteriorated. On this, he had also made the return of Indian troops deployed in the Maldives a major issue. This has further deteriorated relations. President Muizzu’s image is similar to that of a Chinese pawn, which is why Indians have made the oceans of Lakshadweep more preferred than the Maldives.
The ministers of the Maldives who mocked Prime Minister Modi, although they were removed from office, the government did not express regret to India at its level. Experts estimate that due to taking Modi lightly, the Maldives has suffered a severe blow.
It is noteworthy that recently the International Monetary Fund (IMF) had warned the island nation of the Maldives about the increasing debt. But why does the Maldives take debt when there is no income? Therefore, now the news is that the Maldives has told the IMF that it has become bankrupt and cannot pay the debt.
There is discussion on social media about the bankruptcy of the Maldives. Twitter handle FrontalForce shared a report stating that the Maldives has declared itself bankrupt in front of the IMF. Not only that, but the country has also extended its hand in front of the IMF, seeking a bailout package, which means some money to rescue from trouble.
However, the Maldives’ Minister of Economic Affairs, Mohammed Saeed, has dismissed the news of bankruptcy as false. Minister Saeed has said that the economic health of the Maldives is improving and is growing faster than estimated. Minister Saeed also said that some groups are spreading anti-national things, which make people lose trust in the government.
Until recently, lakhs of tourists used to go to the Maldives from India. But now the situation has changed, so it is certain that the Maldives’ economy has suffered a severe blow. Minister Saeed may not accept this, but there is no doubt that more than a third of his country’s income came from Indian tourists, which has now stopped.
