The government is in discussions with two international multilateral agencies to raise an additional USD 100 million to support the Maldives’ foreign reserves as the ongoing conflict in the Middle East creates economic risks.
Finance Minister Moosa Zameer revealed the discussions during a meeting of the nine-member ministerial committee established by the President to address the potential economic impact of the war. The committee is tasked with assessing developments linked to the conflict and coordinating measures to reduce possible pressure on the Maldivian economy.
Minister Zameer said the funding would be used to strengthen the country’s reserve position, particularly as global oil prices rise amid the conflict. He noted that the government is working closely with Maldives Monetary Authority Governor Ahmed Munawwar on measures related to reserve management.
According to the Minister, a request has already been submitted to the President seeking final approval from the government to proceed with the discussions with the two multilateral institutions. Further details about the agencies involved were not disclosed.
The discussions come as the government prepares to repay a USD 500 million sukuk on April 8. President Dr Mohamed Muizzu previously stated that USD 650 million has already been secured for the repayment, which would leave the state with remaining funds after the settlement.
