Male’, Maldives – The former Vice President of Maldives, Dr. Mohamed Jameel has said that the ruling party of Maldives, Maldives Democratic Party (MDP) has made a habit out of asking for aid from foreign allies.
The comment from Jameel comes after the credit ratings company, Fitch Ratings downgraded the credit ratings of Maldives from ‘B’ to ‘CCC’ on Thursday. This is the second time Fitch decreased the credit ratings of Maldives this year.
According to Fitch, the drop in the ratings is due to the high amount of debt the country owes as a result of the ongoing Covid-19 pandemic and they also mentioned that the economy of Maldives will be facing deeper and more prolonged external liquidity pressure than they have predicted.
As a response to this, Jameel tweeted saying that the MDP party which reassured the public to not put any debts on the locals head, has emptied the country’s reserve and has now made it a habit to ask for aid from the foreign countries.
Jameel further stated that the decrease in the credit ratings would create difficulties for the residents and that the economy would continue to break down for several decades.
However, the Finance Ministry of Maldives has opposed this statement by saying that the government will be able to completely repay all the loans on time and that they refused to agree to the decreased credit ratings given by Fitch. They said that until now, the debt of Maldives has never been defaulted and that it would continue to remain that way.
