Chief Spokesperson at the President’s Office, Mohamed Hussain Shareef, has stated that one of the government’s greatest achievements to date is stabilising the country’s financial situation. The remarks were made during the “Press with the Spox” series of press conferences.
Speaking at the briefing, the Chief Spokesperson said President Dr Mohamed Muizzu also considers the management of the substantial debt inherited from previous administrations, alongside the establishment of economic stability, as one of the government’s most significant accomplishments. He noted that strategic policies are currently being implemented to ensure development projects continue while preventing further increases in national debt.
Highlighting efforts in the foreign policy sector, Spokesperson stated that negotiations held with creditor nations and financial entities, along with their assistance, have helped identify solutions to ongoing financial challenges.
These efforts have improved international perceptions of the Maldives among global financial institutions, while also strengthening confidence that the country’s credit rating will improve in the future, according to the Spokesperson.
“Significant work has been done to further improve the image of the Maldives and to ensure that financial institutions and donors maintain a positive view of us moving forward,” the Chief Spokesperson said.
Chief Spokesperson further revealed that the government repaid USD 974 million in debt within the past 40 days alone. He detailed that the repayments included a USD 524 million Sukuk settlement and a USD 400 million currency swap.
The Spokesperson also noted that out of the USD 150 million loan obtained from the Indian government on three occasions in 2019, USD 50 million was repaid last January. He added that another USD 50 million instalment due this month has also been settled, while work is underway to repay the remaining USD 50 million due in September.
“The loan will not be rolled over. The President very clearly stated that it will be paid in September. In paying the USD 50 million settled last week, we did not resort to any additional borrowing,” Spokesperson stated.
Concluding the briefing, the Chief Spokesperson noted that the government will reach the midpoint of its five-year term this coming Sunday, adding that achievements have been secured not only in the financial sector but across multiple areas. He added that the government’s future goal is to introduce necessary reforms to the administrative system in order to fulfil pledges made to the public and further accelerate the pace of work.