The International Monetary Fund (IMF) and the World Bank have welcomed the Maldives’ progress in addressing its financial challenges, including recent improvements to the country’s sovereign credit ratings and continued efforts by the government to strengthen fiscal stability.
The positive assessments were expressed during separate meetings between Minister of Finance and Public Enterprises Hassan Zareer and senior representatives of the two international financial institutions on the sidelines of the ongoing IMF Annual Meetings in Bangkok.
During discussions with IMF Executive Director Dr Mohamed Maait and World Bank Group Executive Director Abdulaziz Al Mulla, the Minister briefed the officials on the progress being made to strengthen the Maldives’ fiscal position, improve debt management and deepen cooperation with international financial partners.
Both Executive Directors acknowledged the recent improvement in the Maldives’ credit ratings and recognised the government’s continued engagement with multilateral institutions as it works to reinforce financial resilience and maintain confidence among international partners and creditors.
The Maldives has also recorded notable improvements in assessments by the two major international credit rating agencies that have rated the country since 2017. Fitch Ratings upgraded the Maldives’ long-term foreign-currency issuer default rating from CC to CCC- on 3 June 2026, while Moody’s upgraded the country’s rating from Caa2 to Caa1 on 8 October 2026.
The upgrades reflect progress in the country’s debt repayment position and come as the government continues to prioritise the fulfilment of its external financial obligations.
A significant component of this effort was the repayment of a USD 500 million sukuk obligation in April, demonstrating the government’s commitment to meeting major international debt commitments. The Maldives has also repaid debts owed to India, further supporting the government’s efforts to strengthen its external financial position.
The recognition from the IMF and World Bank, together with the improved assessments by Fitch and Moody’s, provides further positive momentum for the Maldives as the government continues implementing fiscal reforms, managing debt obligations and strengthening engagement with international financial institutions to support long-term economic stability and sustainable development.
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