Government Confident Debt Will Be Paid and Credit Rating Improved with Reform Measures: Ministry of Finance

The Ministry of Finance has expressed confidence that the financial reforms being implemented by the Maldivian government will enable the nation to pay its debts and improve its international credit ratings.

In a statement released yesterday, the Ministry of Finance addressed the recent downgrade of the Maldives' credit rating by the international credit rating agency, Fitch. The agency has adjusted the Maldives' financial rating to CCC Plus, citing risks associated with external financing.

However, the statement highlighted that Fitch has also recognized the government's debt management measures, which are expected to enhance the country's financial situation and improve its financial rating.

"Coupled with changes in spending and earnings policies aimed at improving the debt situation, and measures to reduce the economy's dependence on external factors, and efforts to mitigate the negative impact of external shocks on the economy, Fitch's rating will likely be positive at its next review," the Ministry of Finance stated.

The Ministry assured the international community that the government's measures will lead to significant improvements in the financial sector, boosting confidence in the Maldives' economic future.