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Minister Responds to Public Queries on Nation's Financial Position and Development Projects at 'Ahaa' Forum
Finance Minister Hassan Zareer told the 10th 'Ahaa' Forum that Moody's upgraded the Maldives' credit rating to Caa1, that USD 1.42 billion in debt has been settled and USD 350 million from the Sovereign Development Fund used toward Sukuk settlement this year. He said fuel subsidy spending reached MVR 4.3 billion as of October 8 against a budgeted MVR 2.9 billion, but the government would avoid a supplementary budget and keep the deficit below 10 percent of GDP.
Sources1carried itME0 of 19 news outlets we monitor + 1 official or other
Figures6as written, with their sentences
Official source only Only Ministry of Finance and Public Enterprises has published this among the sources we monitor: no independent report seen. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Thu 8 OctMoody's upgraded the Maldives' credit rating to Caa18 October 2026only Ministry of Finance and Public Enterpriseson the 8th of this month, international credit rating agency Moody's upgraded the Maldives' credit rating to Caa1
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
Promises in this story
what was committed, and where it stands
Minister of Finance and Public Enterprises, Hassan Zareer / government · Manage fiscal constraints without introducing a supplementary budget and maintain the budget deficit below 10 percent of GDP
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Figures in these reports
as written, with the sentence they come from
USD 1.42 billionTotal debt settled to dateMinistry of Finance and Public Enterprisesa total of USD 1.42 billion in debt has been settled to date
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
USD 350 millionSDF funds utilised toward Sukuk settlementMinistry of Finance and Public EnterprisesUSD 350 million from the SDF has been utilized toward the settlement of Sukuk this year
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
MVR 2.9 billionBudgeted subsidiesMinistry of Finance and Public EnterprisesWhile MVR 2.9 billion was initially budgeted for subsidies this year
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
MVR 4.3 billionTotal subsidy spendingMinistry of Finance and Public Enterprisestotal spending reached MVR 4.3 billion as of October 8
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
MVR 1.4 billionAdditional subsidy spending beyond budgetMinistry of Finance and Public EnterprisesThe additional MVR 1.4 billion incurred was predominantly spent on fuel subsidies
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report
below 10 percent of GDPBudget deficit ceilingMinistry of Finance and Public Enterprisesmaintaining the budget deficit at a single-digit level below 10 percent of GDP through firm fiscal measures
Word for word from the report in Ministry of Finance and Public Enterprises. Open the report