The Minister of Finance and Planning, Moosa Zameer announced that significant government-led fiscal reforms over the past two years have successfully stabilised the country’s financial situation, paving the way for the nation to achieve economic independence.
Speaking in an exclusive interview with PSM News on the occasion of the government's second anniversary, Minister Zameer highlighted the substantial economic and financial progress made under President Dr Mohamed Muizzu's leadership.
Upon assuming office, President Dr Muizzu's administration inherited a "fragile" economy burdened by an unsustainable amount of debt, posing a formidable challenge to national recovery.
Minister Zameer explained that a primary focus has since been on diligent debt management and identifying viable repayment strategies. He affirmed that these financial sector reforms are now yielding positive results and have garnered endorsement from international partners.
"We are still borrowing, but we are borrowing with plans to repay the debt," Zameer clarified, noting a crucial shift.
"The difference is that the market has gained confidence and the government can now borrow if it wants to."
This newfound market trust underscores the effectiveness of the government's fiscal policies. Minister Zameer articulated President Dr Muizzu's overarching vision for an independent Maldives, emphasising that true independence in the modern era is inextricably linked to financial autonomy. He confidently projected that Maldives will achieve economic independence by the end of President Dr Muizzu's five-year term.
"Debt will be managed, additional revenue streams will be explored and the economy will be diversified. We believe that we will be able to stand on our own feet and shape our own economy," he said, outlining the strategic pillars of this ambition.
These concerted efforts are expected to bring widespread economic benefits, transforming Maldives into a prosperous nation where all citizens share in the economic gains, he added.