Chinese Ambassador to the Maldives, Zhang Lizhong has denied Speaker of Parliament, Mohamed Nasheed's claim that the Maldives needs to pay China a whopping $3.4 billion for the developmental projects carried out these past five years.

Speaking during an annual conference organised by an Indian think tank, President Nasheed said that the Maldivian debt to China currently stood at $3.4 . billion.

Citing MMA data, Ambassador Lizhong said that the foreign debt is MVR 49.6 billion which is an equivalent to $3.21 billion. Out of this, total loans from China include $872 million concessional loans and $657 million preferential loans up to last November - meaning that $1.529 billion in total when projects complete.

Ambassador Lizhong additionally said that there must have been some sort of an error, for President Nasheed to make such a statement.

During President Abdulla Yameen's tenure, several projects were signed with China - some of which are still ongoing.

It is also worthy to note that President Nasheed often says different amounts regarding the Maldives debt to China.