Gasim Ibrahim, the Leader of the Jumhooree Party (JP) and Member of Parliament representing Mamigili Constituency, has strongly supported the Maldivian government's recent economic reforms. His endorsement comes after a downgrade in the country's credit rating by Fitch Ratings, from B- to CCC+, citing foreign exchange shortages and high debt levels.
Speaking at a session of the Finance Committee in Parliament, Gasim Ibrahim commended the Finance Minister's efforts to address the economic challenges inherited from previous administrations. He underscored the detrimental impact of past loans and debts, emphasizing that these financial burdens had significantly hampered the nation's economic growth.
Gasim expressed optimism regarding the government's reform measures despite the credit rating downgrade. He highlighted the necessity of these initiatives in stabilizing the economy and paving the way for future growth. Gasim's remarks reflect a consensus among government officials and economic analysts who foresee positive outcomes from the ongoing reforms.
Fitch Ratings' decision to lower Maldives' credit rating to CCC+ underscores ongoing concerns about the country's financial stability. The agency cited challenges such as foreign exchange shortages and the high level of public debt as key factors contributing to the downgrade. Nevertheless, Fitch also acknowledged the potential for economic recovery, contingent upon the effective implementation of government policies aimed at addressing these issues.
Speaking at a session of the Finance Committee in Parliament, Gasim Ibrahim commended the Finance Minister's efforts to address the economic challenges inherited from previous administrations. He underscored the detrimental impact of past loans and debts, emphasizing that these financial burdens had significantly hampered the nation's economic growth.
Gasim expressed optimism regarding the government's reform measures despite the credit rating downgrade. He highlighted the necessity of these initiatives in stabilizing the economy and paving the way for future growth. Gasim's remarks reflect a consensus among government officials and economic analysts who foresee positive outcomes from the ongoing reforms.
Fitch Ratings' decision to lower Maldives' credit rating to CCC+ underscores ongoing concerns about the country's financial stability. The agency cited challenges such as foreign exchange shortages and the high level of public debt as key factors contributing to the downgrade. Nevertheless, Fitch also acknowledged the potential for economic recovery, contingent upon the effective implementation of government policies aimed at addressing these issues.
