Maldives, Japan sign exchange of notes on G-20 debt suspension initiative

Maldives and Japan have signed the exchange of notes on the G-20 debt service suspension initiative.

The exchange of notes was signed by Maldivian Foreign Minister Abdulla Shahid and Japanese Ambassador to Maldives Keiko Yanai on Monday.

Foreign Ministry states the signing of the exchange of notes will contribute directly to Maldives’ ongoing economic recovery efforts in face of the COVID-19 pandemic, and will improve transparency and debt management amid the economic challenges it now faces.

Maldivian Finance Minister Ibrahim Ameer signed a Memorandum of Understanding on the treatment of debt services and a number of creditor countries including Japan back in September.

According to the Foreign Ministry, the MoU signed back in September and the signing of the deferment agreement between Maldives’ Finance Ministry and Japan International Cooperation Agency (JICA) which will take place early next year, will formalize the G-20 debt service suspension initiative arrangement between Maldives and Japan.