Minister of Finance, Ibrahim Ameer, has stated that the Maldivian economy is strong and will not default, following a statement by investment bank JP Morgan.

JP Morgan stated that Maldives foreign reserve will be exhausted by end of 2023, leaving the country with no way of repaying debt.

However, speaking with the press, Minister Ameer stated that the statement by JP Morgan is not the bank's official standing. He added that the bank had been supportive to Maldives selling sukuk last year because the bank is confident in the country's economic growth.

Minister Ameer further added that the country has no debt service risk at present. As such, he noted that the biggest risk highlighted last year was the USD 250 million bond to be paid by June this year, of which the government has already cleared USD 192 million. The remaining USD 62 million, the minister said that would be cleared in the first week of June this year.

He stated that the biggest loan repayment for the Maldives would be in 2026, adding that Maldives is not at risk of debt default.

Minister Ameer noted the recovery in tourism industry compared to 2021, adding that the country's economy was showing steady growth. He stated that Maldives will not be at any risk in the upcoming medium term.