The Maldives is facing a financial crisis as the state’s usable dollar reserves have reportedly run out, according to former Finance Minister Ibrahim Ameer.
He criticized the government’s reliance on expected revenues, warning that the country’s fiscal policies are leading to failure.
Ameer also predicted that credit rating agencies like Fitch and Moody’s may soon downgrade the Maldives’ credit rating.
Amid the crisis, the Bank of Maldives briefly restricted dollar transactions before reversing the decision under regulatory pressure.
Former President Mohamed Nasheed has called for greater transparency regarding the nation’s financial situation.
Source – businesstoday.in
