Maldives Drops Centerview as Advisor

The Mohamed Muizzu administration cancelled a contract with US investment banking firm Centerview Partners, which had been appointed as debt advisors at a monthly retainer of US$55,000. The reason was not made public. The Maldives' public debt stood at US$8.2 billion (118% of GDP), mostly owed to India and China. President Muizzu had announced measures to reduce spending, but fiscal reforms delayed. Foreign reserves exhausted in August, leading to credit rating downgrades by Fitch and Moody's. India rolled over a US$50 million payment and agreed on currency swap lines of US$400 million and INR 30 billion via MMA, valid until 18 June 2027.

The Mohamed Muizzu administration cancelled a contract with US investment banking firm Centerview Partners, which had been appointed as debt advisors at a monthly retainer of US$55,000. The reason was not made public. The Maldives' public debt stood at US$8.2 billion (118% of GDP), mostly owed to India and China. President Muizzu had announced measures to reduce spending, but fiscal reforms delayed. Foreign reserves exhausted in August, leading to credit rating downgrades by Fitch and Moody's. India rolled over a US$50 million payment and agreed on currency swap lines of US$400 million and INR 30 billion via MMA, valid until 18 June 2027.

The Mohamed Muizzu administration cancelled a contract with US investment banking firm Centerview Partners, which had been appointed as debt advisors at a monthly retainer of US$55,000. The reason was not made public. The Maldives' public debt stood at US$8.2 billion (118% of GDP), mostly owed to India and China. President Muizzu had announced measures to reduce spending, but fiscal reforms delayed. Foreign reserves exhausted in August, leading to credit rating downgrades by Fitch and Moody's. India rolled over a US$50 million payment and agreed on currency swap lines of US$400 million and INR 30 billion via MMA, valid until 18 June 2027.

This story involves 1 source and may affect public understanding of debt advisor / contract cancellation.