Minister of Finance Moosa Zameer has announced that an agreement has been reached with two international agencies to secure a $100 million facility aimed at mitigating the impact on state reserves caused by rising fuel prices due to the conflict in the Middle East. This financing is specifically intended to cover the increased costs of fuel imports.
The government estimates that if the conflict persists for a month, the Maldives could face a loss of revenue between $85 million and $100 million. Furthermore, the government noted that the economy is already experiencing negative impacts due to a decline in tourist arrivals. To address these challenges, the government, in collaboration with the central bank, is in the final stages of managing reserves and securing the necessary financial assistance to stabilize the situation.
