Minister of Foreign Affairs Moosa Zameer has affirmed that the current economic challenges facing the Maldives are temporary and do not necessitate assistance from the International Monetary Fund (IMF). Speaking to the media during his visit to Sri Lanka, Minister Zameer expressed confidence in the resilience of the Maldivian economy.
Accompanied by Minister of Finance Dr. Mohamed Shafeeq, Zameer is in Sri Lanka to engage with banks and officials as part of a broader diplomatic and economic outreach. The Foreign Minister emphasized that the economic situation, characterized by a temporary decline in reserves, is manageable without external financial intervention.
Zameer stated that he does not believe it is time to start working with the IMF and noted that the country is facing a temporary problem related to a decline in reserves . He underscored that international partners continue to prioritize support for the Maldives, reflecting a positive outlook despite current challenges.
Minister Zameer outlined the government’s strategy to address the economic situation, which includes implementing reforms in the tax regime and cost-cutting measures for government-owned enterprises. He also highlighted the strengthening of bilateral relations with China and India, noting that these countries have been instrumental in supporting the Maldives.
Recent data shows an improvement in the Maldives' financial reserves. Usable reserves increased to USD 61 million in August, up from USD 45 million in July—a 36% rise. This growth is part of the government’s ongoing efforts to stabilize and enhance the country’s economic standing. Overall, the Maldivian government remains optimistic about managing the current economic situation without external assistance, focusing instead on internal reforms and international partnerships to foster stability and growth.