Parliament Member representing a seat from the opposition party, Mohamed Saeed, said that the state denying advice and rates, by a financial institute, shows how barbaric the government is.
MP Saeed's statement comes following the government denying the Fitch downgrading the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B'.
Former Minister of Economic Development during the administration of former President Yameen, MP Saeed said denying advice and rates given by a financial institute shows how barbaric the current administration of President Ibrahim Mohamed Solih is.
Saeed had described the government as acting barbaric for denying the Fitch downgrading the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B+’ within two years.
The statement issued by Fitch reads that even though the authorities have succeeded in securing new external financing, but foreign-currency buffers remain low, and it will be difficult for the Maldives to generate foreign-exchange inflows without normalization of tourist activity. The credit rate drop comes following the decreased amount of foreign currency, a weakened economy, and an increase in debt with the ongoing covid-19 pandemic in the Maldives.
The statement released by the Finance Ministry regarding the credit rating downgrade of Maldives by Fitch ratings denies the findings of Fitch and states that the Maldives has never defaulted debt obligations so far, and this is a distinction that is planned to hold into the future.
The Finance Ministry has stated that the Maldives has been successful in controlling the spread of Covid-19, and we have firmly moved past the peak of the wave of Covid-19 infections in the country. Besides, the Finance Ministry highlighted the government's success in narrowing the financing gap through bilateral and multilateral sources.
MP Saeed's statement comes following the government denying the Fitch downgrading the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B'.
Former Minister of Economic Development during the administration of former President Yameen, MP Saeed said denying advice and rates given by a financial institute shows how barbaric the current administration of President Ibrahim Mohamed Solih is.
Saeed had described the government as acting barbaric for denying the Fitch downgrading the Maldives' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B+’ within two years.
The statement issued by Fitch reads that even though the authorities have succeeded in securing new external financing, but foreign-currency buffers remain low, and it will be difficult for the Maldives to generate foreign-exchange inflows without normalization of tourist activity. The credit rate drop comes following the decreased amount of foreign currency, a weakened economy, and an increase in debt with the ongoing covid-19 pandemic in the Maldives.
The statement released by the Finance Ministry regarding the credit rating downgrade of Maldives by Fitch ratings denies the findings of Fitch and states that the Maldives has never defaulted debt obligations so far, and this is a distinction that is planned to hold into the future.
The Finance Ministry has stated that the Maldives has been successful in controlling the spread of Covid-19, and we have firmly moved past the peak of the wave of Covid-19 infections in the country. Besides, the Finance Ministry highlighted the government's success in narrowing the financing gap through bilateral and multilateral sources.
