Finance Minister Urges Institutional Coordination to Strengthen Maldives' Economic Resilience

Finance Minister Hassan Zareer has called for intensified cooperation between government institutions, describing strong coordination as the cornerstone of the Maldives' economic resilience and long-term financial stability. Speaking at the launch of the Maldives Monetary Authority (MMA) Financial Sector Awards, Minister Zareer emphasized that the Finance Ministry and the central bank must align their fiscal and monetary policies. He argued that this synergy is vital to achieving sustainable growth while ensuring that the resulting economic adjustments do not place an undue burden on the general public. The Minister advocated for deep structural changes to the nation's financial system to better navigate current economic headwinds. He acknowledged that such reforms might require difficult decisions, but maintained that these steps are essential for the national interest and the prosperity of future generations. As a primary example of effective institutional collaboration, Minister Zareer highlighted the recent successful repayment of sovereign sukuk. He noted that this milestone has significantly bolstered investor confidence and improved key fiscal indicators, including a steady decline in the debt-to-GDP ratio and a stronger sovereign credit rating. Throughout his address, the Minister credited the MMA for its pivotal role in supporting government initiatives and maintaining financial stability. He praised the central bank's 45-year legacy of developing the financial system, noting that the institution has earned significant public trust through its long-term contributions to the economy. By prioritizing inter-agency coordination, the government aims to create a more robust economic framework capable of absorbing external shocks while continuing to attract international investment.