Fitch Ratings downgraded the Maldives' credit rating from CCC+ to CC on Thursday, the second downgrade in three months and the country's lowest ever. The opposition Maldivian Democratic Party (MDP) said at a press conference that the downgrade reflects the administration's incompetence in managing fiscal policy, blaming rising public expenditure, delayed reforms and dwindling reserves.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The CC rating downgrade came on Thursday.
Word for word from the report in Maldives Republic. Open the report
The MDP, during a press conference on Thursday, said that the second downgrade in the past three months, which had seen the rating slide down three notches, demonstrates that the administration’s incompetence continues to exacerbate the nation’s economic standing.
Word for word from the report in Maldives Republic. Open the report
Factors symbolising the deteriorating fiscal situation include rising public expenditure, delayed fiscal reforms, an unmanaged decline in the country’s official reserves, and an inability to raise funds from abroad
We call for a resumption of the publication of the state’s financial accounts, as well as candour and transparency. If action is not taken soon, the financial situation will worsen, the credit rating will deteriorate further, and the econo…
We call for a resumption of the publication of the state’s financial accounts, as well as candour and transparency.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
foreign reserves declining sharply throughout the year despite a 15 percent increase in tourism revenue
Word for word from the report in Maldives Republic. Open the report
including spending US$37 million on military drones—which were not budgeted
Word for word from the report in Maldives Republic. Open the report
paying back a US$50 million treasury bill to India despite low reserves
Word for word from the report in Maldives Republic. Open the report
