Ambassador Zhang Lizhong has disclosed details of Maldives’ debt to China, refuting Parliament Speaker Mohamed Nasheed’s claims on the issue.

In a tweet on Saturday, Ambassador Lizhong shared details of Maldives’ debt and said that the total debt to China is USD 1.5 billion, refuting Nasheed’s recent statement.

Times Now Newscited the former President saying at a conference in India that Maldives owes around USD 3.4 billion to various Chinese companies and that the island nation will have to set aside 15% of its budget by 2020 to pay it off.

In the tweet, Ambassador Lizhong said that the data from Maldives Monetary Authority shows that the total foreign debt is USD 3.2 billion at the first quarter of this year and that the total loans from China include USD 872 million concessional loans and USD 657 million preferential loans up to last November.

In another post, the Ambassador said that the cost of the China-Maldives Friendship Bridge is USD 200 million, with 57.5% paid for as a grant from the Chinese government, 36.1% to be paid in preferential loans from Chinese banks, and 6.4% to be paid by the Maldivian government.

He added that, in addition to the grant, Maldives will only have to pay USD 100 million within 20 years, after a five-year grace period.

In another tweet, he replied to Nasheed by saying China has conducted friendly and mutual-beneficial cooperation with every Maldivian government and that he was shocked to learn that unsubstantiated information regarding China loans is being reported.