Malé, Maldives – Deputy Speaker of the Maldives Parliament Eva Abdulla on Tuesday proposed questions for Finance Minister Ibrahim Ameer regarding the monetary reserve of the Maldives.
MP Eva has proposed the questions amid growing public concerns after JP Morgan’s Emerging markets strategist Trang Nguyen flagged eight countries including the Maldives as in immediate default danger. The latest update from the Ministry of Finance also indicates that the public debt has increased to over MVR98 billion and is MVR182,943 per capita.
How many days of staple foods, oil and medications can be supported by what is left of the reserves after paying the public debt.Deputy Speaker Eva Abdulla
MP Eva noted that the international reserves is at USD 317 million at the beginning of June 2022 with USD 130 million allocated for debt servicing. Further, a deficit of USD 150 million is budgeted as a deficit for the months of June and July 2022.
While Minister Ameer has reassured that the economy will bounce back to its pre-Covid-19 state by the end of 2022, MP Eva has raised questions on how many days of staple foods, oil and medications can be supported by what is left of the reserves after paying the public debt.