Minister of Finance and Public Enterprises Hassan Zareer has stressed that strong cooperation between government institutions is essential for economic resilience.
He made the remarks while speaking at a ceremony held to launch the Maldives Monetary Authority (MMA)’s Financial Sector Awards.
Speaking at the ceremony, the minister said MMA, the Finance Ministry, and other institutions must continue working closely to implement fiscal and monetary policies that bring about financial stability and sustainable growth, without placing excessive burden on the public.
The minister also called for structural changes to address economic challenges, strengthen the financial system, and improve economic resilience. He noted that such changes must be brought about even if difficult decisions are required, for the nation’s interest and the benefit of future generations.
The minister pointed to the recent successful repayment of sovereign sukuk as evidence of strong financial management and effective coordination between institutions. This, in turn, has improved investor confidence and the Maldives’ fiscal indicators, he said. The repayment has led to a steady decline in debt-to-GDP levels and improved sovereign credit rating, and investor and international financial confidence is increasing, he said.
Noting the central bank’s cooperation with the government, the minister credited MMA for its key roles in achieving financial stability and supporting government efforts. He praised the MMA for its long-term contribution to financial system development over the past 45 years and said it has gained public trust.