Economic Minister Mohamed Saeed has stated that Fitch Ratings' decision to downgrade the Maldives' credit rating to CC was not due to any action by the current government.

Minister Saeed was responding to a question from a journalist at a press conference held today to brief the media on the positive changes that the newly formulated Foreign Investment Bill will bring to the economy of the Maldives.

Fitch downgraded Maldives' rating to CC on August 29th. It is the second time Fitch has downgraded Maldives' rating this year. In June, Fitch downgraded the rating from B- to CCC+.

When asked by a journalist whether it was a challenge that Fitch had downgraded the rating twice this year amid the newly formed law to attract foreign investors in the country, he said Fitch was not talking about the government. He said Fitch's low rating did not result from President Muizzu's work.

"It's not about this government, Fitch is saying that we have printed too much money, that we have increased government spending too much, that we have not nationalized expenditure, and that we have not found any other ways to increase revenue," Saeed said.

Saeed said that no other government has done anything to diversify revenue so far. However, he said this government has done a lot to improve the economy in nine months.

"This government is going into the banking service on the 12th of this month, this government is launching an economic agriculture zone worth USD 250 million in December, this government has set up a governing board of the International Finance Services Authority, by a decree. We have visited Bahrain, Qatar, UAE, Singapore and a new bill has been drafted and is going to parliament,” he said.

He added that the government has introduced a Foreign Investment Bill within nine months and there is a deposit of USD 70 million in the Sovereign Development Fund without default on any foreign payments.