The biggest obstacle to the government's official reserves is the rising oil prices in the global market, Finance Minister Ibrahim Ameer said today.
Presenting the budget for next year at the Parliament today, Minister Ameer acknowledged challenges to the Maldives' official reserves.
"There are constraints on the Maldives' official reserves, with the most significant being the escalating oil prices in the global market," he said.
The minister said that the official reserves stood at $550 million as of October 26 this year, projected to increase to $618 million by year-end if planned financing is secured. However, he cautioned that the official reserves are anticipated to decline by the end of the next year, reaching an estimated $606 million.
Ameer further said that rising commodity and oil prices continue to be a global economic challenge impacting countries similar to last year.