MDP: Moody’s rating not worth celebrating

Opposition MDP has said that the B2 rating given by Moody’s Investor Service to the Maldivian government following their economic policy is not at all worthy of celebrating.

Speaking at a press conference held at MDP Head Office today following the report issued by Moody’s Investor Service, the MP for Gan constituency, Fayyaz Ismail said that the rating given by Moody’s is not a good rating and the meaning of that rating is confused to the government.

“Moody’s is saying if you give a loan to the state, it has a higher chance of not getting a return than getting it. So where is the win in this? In reality, it would have been better with rating not having made. Next question is, this is a good start; having a rating. Having a rating is important, if state is taking foreign debts or loans. But from what we see in this country (we) know there is no thinking of improving.” MP Fayyaz said.

The MP said that the government’s economic policy is the worst policy in the history of the nation. He said that a nation would develop when the private businesses develop and today’s government has put no effort to develop the private sector.

He accused the government of obstructing the private sector instead of developing it. And he said that the real estate sector was more developed than the government businesses and then the government started charging GST from those buying flats reducing the demand for the real estate companies.

While Moody’s has published the credit ratings for the Maldives, Economic Minister Mohamed Saeed said that the rating shows that good economic changes by the Presidency of Abdulla Yameen Abdul Gayoom.