The Maldives Minister of Finance Mr. Ibrahim Ameer has denied the rumors surrounding the depletion of the country’s reserves.
Recently, Maldives Parliament Speaker Mr. Mohamed Nasheed had warned over the possibility of the country’s reserve hitting critical levels.
However, while explaining the recovering economic background of the Maldives, minister Ameer clarified that the expanding US Dollar income in the country will greatly enhance reserve increment.
Moreover, the minister had claimed that the country’s national reserves will be maintained at levels similar to pre-Covid conditions.
In addition to this, minister Ameer had affirmed that the Maldivian government was capable enough to settle all state debts. He had further bemoaned the spread of rumors that would paint a negative image of the country’s economy and its recovery in front of international investors.
Such rumors were likely to press negative impact on the country’s prospects of attracting foreign investors in its economical industries.
Moreover, Mr. Ameer had attested that the country’s Gross and Net Reserves were at healthy conditions, which is ensured through proper assessment of cash in-flow and out-flow of foreign currencies.
In addition to this, the minister had assured of Maldives economy’s recovery eventually reaching to pre-Covid conditions by the end of 2022.
He had attributed proper crisis management and the responsible business acumen of local entrepreneurs among the reasons for effective recovery.
Despite prospective outlook of the economy, minister Ameer had cautioned about the surge in consumer price inflation internationally which will be reflected on the consumer market of the Maldives.
Meanwhile, Maldivian government has increased the ITFC trade finance limit to MVR175 million to effectively combat the price hikes in the global market, especially the surge in global oil prices. The extension of the finance limit will effectively offset the country’s reserve impact.
