Friday
22nd Nov 2024
Dhivehi Edition
Finance Minister Ibrahim Ameer.
The Government of Maldives has released a statement against Moody’s Investor Service lowering Maldives’ credit rating. The rating was lowered as debts have increased beyond the previously projected amount.
A statement released by the Ministry of Finance on Wednesday night read that Moody’s rating does not reflect the Maldivian economy’s current fundamentals. Moody’s on Tuesday announced that the credit rating for the Maldives has dropped from B-3 to CAA-1.
The press release noted that the government is capable of honoring all debts without much delay as the economy is improving. Finance Minister Ibrahim Ameer highlighted that none of Maldives’ loans have defaulted.
The government has also criticized Moody’s in May 2021, the last time the credit rating was lowered.
Although the Finance Minister has claimed that the economy is improving, tourism, for the most part, is due to the numerous expatriate workers visiting the Maldives to quarantine. Revenue has increased by only 13 percent compared to the previous year.