Zameer highlights global pressures, says Maldives’ debt outlook has improved under current administration

Former Finance Minister Moosa Zameer has said that in any report suggesting the Maldives will fall into debt, he will always stand with President Dr. Mohamed Muizzu.

Zameer, who served as finance minister until Monday, resigned suddenly from the post. Senior government spokesperson Mohamed Hussain Shareef (Mundhu) said the resignation was due to health reasons.

Speaking at a PNC meeting on Tuesday evening, Zameer elaborated on his decision.

He said the world is currently in turmoil due to the Middle East war, and the finance minister must monitor the situation and its economic impact every day.

“They will check oil price changes morning and evening. They will call STO. They will call other places as well, to implement the President’s decisions,” Zameer said.

He added that given his health, he should not remain “tied” to the finance ministry during such a critical period, as it would be a loss for the party.

Zameer said there are people more capable than him to serve as finance minister, though he did not go into detail.

He also said that even after resigning, he will always be available when the party needs him.

“I will always be there when the party needs me, whether it is a party election or a position. So I am strongly with President Muizzu. Always with President Muizzu’s creative policies,” he said.

Zameer also highlighted several economic issues during the meeting.

He said President Muizzu deserves applause for saving the country, adding that without the President’s actions, the Maldives would have faced a situation similar to neighboring Sri Lanka.

“There is no report from anywhere today that Maldives will be in debt in the near future. So then applaud,” Zameer said.

On Wednesday, Fitch Ratings upgraded the Maldives’ credit rating. The agency had previously downgraded the rating from CC to CCC minus.

Both CC and CCC minus are considered “junk” ratings, but the risk of default is now somewhat lower after the sukuk was paid in April this year.

Fitch also said proposed revenue‑raising reforms and the marketing of foreign currency generated from tourism will help increase the state’s foreign exchange earnings. The agency noted that external debt is expected to decline, financial pressures will ease, and steps are being taken to overcome the debt crisis.