Minister of Finance and Development Planning, Moosa Zameer, has stressed that the establishment of a capital market is vital to reducing the Maldives’ dependence on foreign aid and loans, and to securing a more sustainable economic future.

Speaking at the closing ceremony of the Maldives Finance Forum 2025, an annual event organised by the Pension Administration Office that brings together senior figures from the financial sector to discuss the direction of the national economy, the Minister highlighted the urgent need for reform.

He noted that the Maldivian financial system is currently heavily reliant on banks. While acknowledging the central role they play, he explained that banks alone cannot provide sufficient financing for large-scale requirements such as infrastructure, housing, tourism, and emerging industries.

The Minister also underlined the importance of strengthening domestic revenue systems to reduce external borrowing. However, he observed that reliance solely on public financing makes it difficult to mobilise the funds required for major development projects.

According to the Minister, the creation of a capital market would help bridge these gaps by channelling long-term savings into productive investment, broadening financing options, and enhancing the overall resilience of the economy. Diversification of investment products, he added, would be a crucial step forward.

He pointed in particular to the need for instruments such as bonds, sukuk, and green and blue bonds aligned with sustainability objectives. These, he said, would improve access to capital, especially for small and medium-sized enterprises and women-led businesses.

Concluding his remarks, the Minister emphasised that such goals cannot be achieved by the Government alone. He called for closer collaboration between institutions and the private sector, arguing that if the financial system evolves in this way, both the capital market and the wider financial sector will enjoy stronger growth.