President Dr. Mohamed Muizzu has revealed that China and the UAE have given the green signal to defer the repayments of various loans owed to them.

Speaking at the 59th Independence Day celebrations held at the Social Center last night, the President said India and China are the biggest contributors to foreign debt repayment. The President said the two countries are assisting the Maldives in finding easier ways to repay its debts.

The President said India has already deferred USD 50 million in debt. The food quota has also been extended for two more years with the remaining funds in the line of credit being made accessible.

"The Chinese government has given us the green light to default on our loans from the Exim Bank of China for various development projects for the next five years. The technical work is now underway," he said.

The United Arab Emirates is also expected to provide such assistance according to the President.

"The UAE government is also very kind. It has also said that it will defer the loan to the UAE for the next five years," he said.

The President said this is how foreign policy should be shaped to protect a country's independence.