Moody’s Decision Affirms Maldives’ Recovery Under President Muizzu’s Administration, Minister Saeed Says

The Maldives has shifted from economic depression to stability, Minister of Economic Development and Trade Mohamed Saeed announced, following Moody’s decision to designate the nation’s credit rating outlook as stable.

Speaking at the Maldives MSME Award 2025 ceremony, Minister Saeed described the upgrade as a pivotal moment, offering renewed confidence to domestic businesses and international investors. He said the declaration affirms the turnaround achieved since President Dr Mohamed Muizzu’s administration assumed office.

Minister Saeed recalled that the previous economic climate had been severely weakened, with business owners discouraged, national assets including schools and hospitals mortgaged, and the country’s rating significantly depressed. Moody’s decision, he said, signals a decisive shift from fragility to stability.

To consolidate this progress, the government is advancing a Free Trade Agreement with China, the world’s largest business market. Modernisation also requires digital integration, and in partnership with Ooredoo Maldives, efforts are underway to introduce PayPal services early next year, fulfilling a key presidential pledge.

Support for Small and Medium-sized Enterprises remains a priority, he said. The Maldives has joined the Berne Convention to strengthen Intellectual Property protections, with a dedicated office planned for next year. Complementing these reforms, the Business Center Corporation has provided USD 3.24 million to 400 businesses through the Authentic Maldives programme, while the Bank of Maldives has launched a digital SME platform, branded ‘Swipe’.