Thursday, September 19, 2024 The Maldives’ economy remains secure and is not at risk of bankruptcy, according to Mohamed Khaleel, Presidential Tourism Advisor. Speaking at the GM Forum, organized by Hotelier Maldives at Crossroads, Khaleel addressed concerns about the nation’s financial future, including fears of defaulting on foreign debt. He emphasized the resilience of the Maldives’ economy, citing the strength of the tourism industry as the driving force behind its stability.
Khaleel responded to inquiries from international media, assuring them that the Maldives is not at risk of defaulting on its loans. “Two days ago, a foreign media outlet asked me about the potential for bankruptcy. I reassured them that the Maldives will not default on its loans, and that our tourism industry will continue to thrive,” Khaleel stated.
He pointed to the country’s economic recovery from the COVID-19 pandemic as proof of its ability to overcome challenges. He emphasized that the Maldivian government is working diligently to stabilize the economy and boost investor confidence by implementing key laws and policies. These measures include reducing recurrent expenditures and cutting unnecessary spending in sectors like healthcare.
Additionally, Khaleel highlighted the tourism industry’s readiness to collaborate with the government on addressing foreign exchange challenges. “There are no issues with paying taxes like withholding tax in dollars. The tourism industry is prepared.