The financial problems faced by the Maldives are temporary and there is no need to seek assistance from the International Monetary Fund (IMF), PSM, the country’s state media, said on Saturday quoting the Minister of Foreign Affairs Moosa Zameer.
Zameer is currently in Sri Lanka to engage with its banks and officials as part of a broader diplomatic and economic outreach, PSM reported.
The Maldives is facing a temporary problem related to a decline in reserves and this can be solved without external financial intervention, Zameer said.
He said the government’s strategy to address the current issues includes reforming the tax regime, cost-cutting measures for government-owned enterprises and strengthening bilateral relations with China and India.
Recent data by the Maldives government shows that usable reserves increased to 61 million U.S. dollars in August, up from USD 45 million in July.
