Finance Minister Moosa Zameer has credited President Dr. Mohamed Muizzu’s fiscal reforms and economic policies for Fitch Ratings’ decision to upgrade the Maldives’ sovereign credit rating from CC to CCC-.
In a post on X, Zameer said the upgrade reflects improved economic conditions following the successful repayment of the Maldives’ USD 500 million sovereign sukuk in April, a milestone that eased concerns over the country’s immediate debt obligations.
The minister congratulated President Muizzu for what he described as his leadership and guidance in implementing key fiscal reforms, adding that the government remains committed to restoring debt sustainability and achieving long-term macro-fiscal stability.
Zameer also clarified that the proposed USD 300 million sukuk by the Bank of Maldives, backed by a government guarantee, is not intended to finance government spending or meet the state’s cash flow requirements.
According to the minister, the initiative is a joint effort between the government and Bank of Maldives aimed at stimulating tourism-led economic growth, particularly in the northern and southern regions of the country. He said the project is expected to expand government revenue sources and support the achievement of fiscal targets in the years ahead.
Highlighting President Muizzu’s economic agenda, Zameer said the administration’s policy focus is on strengthening fiscal stability and debt sustainability through private sector-led investment and the creation of well-paying jobs.
He added that Fitch’s decision to raise the Maldives’ rating demonstrates growing international confidence in the government’s fiscal reforms and broader economic measures, while reinforcing the administration’s efforts to build a more resilient and sustainable economy.
