Finance Minister Moosa Zameer says the government’s reform efforts have increased foreign confidence in the Maldivian economy and strengthened the country’s financial position.  
His remarks follow Moody’s decision to maintain Maldives’ sovereign credit rating at Caa2 while upgrading the outlook from negative to stable.  
In a post on X, Zameer said the administration under President Dr Mohamed Muizzu has improved foreign exchange liquidity, increased dollar revenues, strengthened the Sovereign Development Fund (SDF), and enforced disciplined budget management.  
“These efforts have eased external pressures and rebuilt confidence in the Maldives’ economic direction,” Zameer wrote. He added that the government remains focused on fiscal consolidation, responsible debt management, and long-term growth.  
Moody’s has affirmed the #Maldives’ Caa2 rating and upgraded the outlook from Negative to Stable, reflecting the positive impact of the Government’s reforms. Under the leadership of President Dr @MMuizzu, we improved external liquidity, increased dollar revenues, strengthened…
— Moosa Zameer (@MoosaZameer) November 27, 2025
Moody’s had downgraded Maldives’ rating from Caa1 to Caa2 in September, and reaffirmed the Caa2 rating in December and May. The latest outlook upgrade reflects reform measures aimed at boosting reserves and ensuring funds for debt servicing and imports.  
Foreign exchange reserves rose to USD 859 million last month, enough to cover three months of imports, up from USD 364 million in September 2024.  
The SDF balance increased from USD 15 million last year to USD 126 million as of November 9, 2025.  
Moody’s said these improvements place Maldives in a better position to repay its debt, though the overall financial situation remains fragile. The rating remains at Caa2, which is considered speculative or “junk” grade.  
Moody’s outlook categories include Positive, Negative, Stable, and Developing. A stable outlook means no rating change is expected in the medium term.  
This marks the second consecutive statement from Moody’s affirming Maldives’ Caa2 rating while acknowledging reform-driven improvements. The outlook upgrade signals cautious optimism, though the country remains below investment grade compared to regional peers such as Bangladesh (Ba3) and India (Baa3).