Finance Minister: Maldives will not go into sovereign debt

Finance Minister of Maldives Ibrahim Ameer has assured that the Maldives will not go into sovereign default. 

The Minister was speaking in today’s parliamentary session and was responding to questions by MPs when he assured that he will not allow the country to go into sovereign debt.

Minister Ameer was being questioned regarding the management of state debt. Speaker of the Parliament Mohamed Nasheed had said yesterday that the former administration had not managed the debt of the country appropriately and that the debt of the country was still not clear and that the current Finance Minister was still not managing the debt appropriately. 

In today’s session, Minister Ameer said that the Finance Ministry was monitoring the repayment of loans for which a sovereign guarantee was provided, on a daily basis. If the loanee defaults on payments, the government was prepared to mortgage the assets and repay the loan. 

The Minister said that he had refrained from speaking in this manner in order to maintain investor confidence, which is something very important to the Maldives.

“As long as we remain here (in office), we will not allow the country to go into sovereign default.” Said the Minister firmly.