Credit rating downgrade driven by debt, not COVID-19 spending:...

Government Spokesperson Mohamed Hussain Shareef stated that the downgrade of Maldives' credit rating was due to the country's debt burden and borrowing practices, not COVID-19 spending. He noted that during the pandemic, Maldives received significant grants and concessional financing, with only a small proportion of debt directly linked to COVID-19 activities. He was responding to questions about whether funds from sovereign sukuk issuances and other borrowing were used for pandemic support. The Spokesperson attributed the credit rating challenges to the level of debt inherited by the current administration.

Government Spokesperson Mohamed Hussain Shareef stated that the downgrade of Maldives' credit rating was due to the country's debt burden and borrowing practices, not COVID-19 spending. He noted that during the pandemic, Maldives received significant grants and concessional financing, with only a small proportion of debt directly linked to COVID-19 activities. He was responding to questions about whether funds from sovereign sukuk issuances and other borrowing were used for pandemic support. The Spokesperson attributed the credit rating challenges to the level of debt inherited by the current administration.

Government Spokesperson Mohamed Hussain Shareef stated that the downgrade of Maldives' credit rating was due to the country's debt burden and borrowing practices, not COVID-19 spending. He noted that during the pandemic, Maldives received significant grants and concessional financing, with only a small proportion of debt directly linked to COVID-19 activities. He was responding to questions about whether funds from sovereign sukuk issuances and other borrowing were used for pandemic support. The Spokesperson attributed the credit rating challenges to the level of debt inherited by the current administration.

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