Maldives: Debt Rises, Forex Declines As Fitch Downgrades Rating To The Lowest
Credit rating agency Fitch has downgraded the Maldives' rating to its lowest level, citing the nation's declining foreign reserves and escalating external debt. Fitch said, "the downgrade of the Maldives' IDRs to CCC+ reflects increased risks associated with the country's worsening external financing and liquidity metrics." This comes weeks after an IMF warning of imminent "debt distress" without significant policy changes. Fitch said that Maldives' foreign reserves to remain under significant stress. It declined to $492 million in May 2024 from $748 million in the same period last year. Meanwhile the archipelago's foreign debt has soared to $4.038 billion in 2023, 118% of GDP. All of this comes amid after a new government came into power on the islands. President Mohamed Muizzu, is been shifting the nation’s alliances from India to China, unveiled Chinese-funded development projects. Xi Jinping led China has pledged more funding since last year's victory by Muizzu. He went on a state visit to Beijing shortly after he took power.
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29 сен 2024
