President Ibrahim Mohamed Solih on Wednesday stated that there are no challenges to pay debts amid escalating national debt puts Maldives at risk of defaulting. President Solih made the remarks at a press conference held today.
President Solih addressed the claims made by several media outlets regarding the national debt situation as something that is far from the actual truth and is causing unnecessary panic among the public.
President Solih admitted that the economic downturn faced by the world will affect Maldives as well. However, the claims made by some people are motivated only by political gain and are not even close to reality. Moreover, the administration has paused some developmental projects due to the changes in the global economy and will not take any more loans to fund these projects. Meanwhile, all projects that have commenced until now will continue as planned since the fund for these projects has already been arranged, he added.
Furthermore, President Solih assured that the usable reserve of the country is at a stable level and will not face any challenges to purchase staple products until the end of the year, though prices may inflate due to changes in the global economy. He also added that the Thilamale’ bridge will continue as planned since the payments for the project will commence much later.
Minister of Finance Ibrahim Ameer has repeatedly refuted claims that the Maldives is at risk of emptying the state reserves and defaulting on its loans.
