Maldives is a small country consisting of 1192 islands. On December 2004 the country was hit by terrible tsunami. One of the main income sources of Maldives was tourism and after the Tsunami the tourism industry faced a severe crisis. Recently, the Japanese government signed an agreement with Maldives government under which Japan will provide $23 million low interest loan to Maldives. Yes, the interest is very low- only 0.75% and Maldives can pay it by 2036. Isn't it too good to be true? But it is true and Japan is giving this loan to support Maldives for its Tsunami reconstruction efforts.
The money will be spent on rebuilding the country's infrastructure that was badly hit by Tsunami. The economy of Maldives depends largely on tourism income. I wish that this money is utilized properly. If the money is properly utilized then it will help the economy of Maldives to have a turn around. However, if corruption and mismanagement eat up the lion's share of this fund then it is the people of Maldives who will have to suffer.
I wish that I could some loan at such a low interest rate. What about you?
Related Articles
I don't like loans. It's because you know you'll have to pay for it later plus the interest. Borrowing money from a friendly friend is a lot better. There's no interest in it plus you get to extend the deadline of payment. LOL
Posted by: nepspeed82 | July 3, 2006 3:02 PM | Permalink to Comment