Tuesday 13 Oct 2026
Economic Minister Mohamed Saeed speaks to reporters on October 13, 2026. (Photo/President's Office)
Economic Minister Mohamed Saeed says people no longer believe the Maldives will go bankrupt, adding that the Maldivian people have proven to be far smarter and braver.
The remark comes less than a week after global credit rating agency Moody’s upgraded Maldives’ sovereign credit rating from Caa2 to Caa1 with a stable outlook.
At a press briefing on Tuesday morning, Saeed credited this achievement to daily efforts by President Dr. Mohamed Muizzu in collaboration with relevant government ministries.
Saeed remarked that opposition parties had been waiting for the country to go bankrupt. He said the upgrade in Maldives’ credit rating is welcome news for investors and banks.
“Now, people no longer believe Maldives will go bankrupt. Maldivians are far more courageous than that, far smarter,” he said.
Saeed said that the Maldivian economy has gained global recognition as one that can compete against other economies.
According to Moody’s the upgrade in Maldives’ ratings reflects the agency’s assessment that the Maldives’ near-term default risk has reduced materially following the successful repayment of major debt obligations this year.
This includes the repayment of the USD 500 million sukuk in April, the settlement of the USD 400 million currency swap facility from the Reserve Bank of India (RBI), alongside securities investments from the State Bank of India (SBI) totaling USD 100 million in May and September, and the rollover of the USD 100 million Eurobond until 2031.
The upgrade also reflects stronger foreign exchange inflows, and continued access to bilateral and multilateral financing.
However, while Moody’s cited a material reduction in the government's near-term default risk, the agency warned that the country continues to face persistent fiscal, external and government liquidity risks.
