Skip to main content

Maldives Police Investigate Alleged Coup Plot To Overthrow Government

Police in the Maldives are investigating an alleged attempt to topple President Mohamed Muizzu by stirring anger over the Indian Ocean archipelago's worsening financial conditions.

Last week, the main commercial bank in the upmarket tourist destination drastically reduced the foreign exchange spending allowed for Maldivians, sparking widespread anger.

Muizzu has slammed the move as an "illegal attempt" to overthrow his government, by making him unpopular and encouraging street protests.

"An investigation has been launched into the alleged coup attempt," the police said in a statement late Monday.

There have been no demonstrations in the capital Male, but scathing criticism of the government has erupted online.

"Hundreds of 'bot' accounts have been used on social media to encourage people to take to the streets to overthrow the government and incite public unrest," police said.

The bank said the changes, which they have since rescinded, came "in response to the escalating usage of foreign currency spent on cards and the static sale of foreign currency to the Bank".

The international credit rating agency Fitch downgraded the Maldives in June and warned it could be headed for a sovereign default after its foreign currency reserves dropped to $492 million in May.

The downgrade came weeks after the IMF warned the Maldives against a looming "debt distress", as the small but strategically placed country eyes further borrowing from main creditor China.

Pivot to China

Official data showed the Maldives' foreign debt reaching $4.038 billion last year, about 118 percent of gross domestic product, an increase of nearly $250 million from 2022.

Fitch had noted the government's debt servicing obligations, amounting to $409 million this year, would add to severe stress.

The crisis escalated over the weekend, when the Bank of Maldives Limited (BML) stopped debit card transactions and allowed a maximum monthly credit card spend of $100 for online transactions.

Maldivians use their cards to pay for tuition and medical treatment abroad apart from online purchases.

Muizzu told supporters late Monday the bank decision was a plot to discredit him, and accused some BML directors of being loyal to the former government.

"There is room to believe that this (cap on spending) was an illegal attempt to overthrow a legitimate government," Muizzu said.

The bank on Sunday raised forex spending limits after the Maldives Monetary Authority intervened.

Political parties have called on the government to tax hotels in foreign currency.

Since winning office last year, Muizzu has reoriented his nation from traditional benefactor India and towards China.

As of June 2023, the Export-Import Bank of China owned 25.2 percent of the Maldives' external debt and was the country's biggest single lender, Male's finance ministry figures showed.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



from NDTV News-World-news https://ift.tt/sxjiGym

Comments

Post a Comment

Popular posts from this blog

Sri Lanka Must Achieve Debt Restructuring By September: IMF

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. On March 20, IMF extended a nearly $3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement read. Sri Lanka is still struggling to normalise its crisis-hi...
Post a Comment
Read more

Biden Warns "All Out War" Possible In Middle East

US President Joe Biden warned Wednesday of the possibility of an "all-out war" in the Middle East but said he was hopeful a settlement was still achievable for the conflict-torn region. Biden's comments as he appeared on ABC chat show "The View" came as Israel put troops on alert for possible entry into Lebanon and the war in Gaza grinds on. "An all-out war is possible," Biden said when asked about the situation. "What I think is, also, the opportunity is still in play to have a settlement that could fundamentally change the whole region." Biden appeared to raise the possibility of a ceasefire in Lebanon, where Israeli strikes targeting the Hezbollah militia have killed more than 600 people this week. "They have a possibility -- I don't want to exaggerate it -- there's a possibility if we can deal with a ceasefire in Lebanon that it can move into dealing with the West Bank as well," said Biden. Israel has been carrying ...
Post a Comment
Read more

Amazon Rainforest Tribe's Secret To Healthy Life And Slow Ageing Revealed

Deep in the Amazon rainforest, a semi-nomadic indigenous community is thriving. This community defies conventional norms on ageing and health. The Tsimanes, consisting of 16,000 people, live a fully subsistence lifestyle, relying on hunting, foraging and farming to survive. Scientists have been studying this unique group for two decades, and have uncovered remarkable findings till now. Martina Canchi Nate, an 84-year-old Tsimanes woman, digs up yucca trees, cuts down plantain trees and carries heavy loads with ease, faster than her younger companions, as per a BBC report. This level of physical activity is not unusual among Tsimanes of her age. Researchers have discovered that this group has the healthiest arteries ever studied and brains that age more slowly than those in North America, Europe and elsewhere. The Tsimanes' secret lies in their active lifestyle, with an average of 16,000 to 17,000 steps per day. They spend less than 10 percent of daylight hours in sedentary activ...
Post a Comment
Read more