Minister of Finance and Planning Moosa Zameer has said the Maldives’ shift from a negative to a stable credit rating outlook highlights renewed confidence in the Government’s reform agenda, following Moody’s Ratings’ latest assessment.

In a post on X, the Minister said maintaining the Caa2 rating while securing an improved outlook reflects the effectiveness of policy decisions implemented under President Dr Mohamed Muizzu and the economic reform measures initiated during the Administration.

He noted that strengthened foreign currency liquidity, increased dollar earnings, and the growing balance of the Sovereign Development Fund (SDF) demonstrate a more resilient financial position. Minister Zameer added that the Government remains committed to fiscal stability, responsible debt management and long-term sustainable growth.

Moody’s affirmed the Maldives’ Caa2 issuer ratings and upgraded the outlook to stable, noting improved external liquidity and stronger dollar inflows. The agency reported that foreign reserves had recovered to USD 859 million by October 2025, up from USD 364 million a year earlier, while the Sovereign Development Fund increased to USD 126 million, reflecting better fiscal buffers.

The improvements were linked to policy reforms introduced in late 2024, including higher dollar-based taxes such as TGST and the Airport Development Fee, alongside new rules requiring tourism operators to convert more of their earnings into rufiyaa. Moody’s also pointed to enhanced access to external financing through India’s rollover of dollar debt, a renewed USD 400 million currency swap, and a USD 565 million rupee-denominated credit line.