Minister: Maldives’ financial state improving at a faster pace than forecasted

Economic Minister Mohamed Saeed responds to questions at the Parliament on December 12, 2023. (Photo/People's Majlis)

Economic Minister Mohamed Saeed states Maldives’ financial state is improving at a faster pace than initially forecasted.

Minister Saeed, on Thursday night, responded to allegations that Maldives had declared bankruptcy with the International Monetary Fund (IMF) via a post on X. As per the allegations, the Maldivian government has sought assistance from the IMF, and agreed to participate in a program, subject to conditions by the IMF, in order to alleviate in an attempt to ease the financial difficulties.

Refuting the allegations, Minister Saeed remarked that the Maldivian does not need to participate in such a program. He accused a group of people, hiding behind curtains, of attempting to create mistrust with respect to the nation’s financial system, adding that the attempt was made over political frustration as Maldives’ had not dropped the critical state they were awaiting. 

President Dr. Mohmamed Muizzu met with IMF’s Managing Director Kristalina Georgieva during his recent trip to Dubai, UAE. The meeting took place on the sidelines of the World Governments Summit.                        

During the meeting, Georgieva stressed the critical necessity for implementing comprehensive fiscal structural reforms and consolidation strategies to fortify a versatile economy against external shocks and internal challenges for the Maldives. 

She also applauded and expressed unwavering confidence in the decisive steps taken by President Muizzu’s administration under its economic reform agenda.