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Searched Tag: maldivian economy

The World Bank has issued a stark warning to the Maldives, highlighting that the island nation has been spending "beyond its means" for decades, leading to high debt distress risk and significant financing challenges.

World Bank warns Maldives of high debt distress

June 12, 2024, 04:19 PM - 2 min read

This announcement follows the Maldives Ministry of Finance's recent report that public and publicly guaranteed debt has surged to nearly 110 per cent of the nation’s GDP. The Maldives, heavily reliant on tourism, was severely impacted by the COVID-19 pandemic and has only started to recover in 2023.

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The International Monetary Fund in Washington DC, USA. File Photo.

Maldives faces high debt risk, IMF warns amid economic growth

February 8, 2024, 08:31 PM - 2 min read

After a pandemic-induced contraction, the Maldivian economy grew by 13.9% in 2022 and is estimated to expand by 4.4% in 2023, with growth projected at 5.2% in 2024 as tourist arrivals increase.

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