Economics

Fitch Downgrades Maldives Credit Rating to ‘CC’ Amid Falling Reserves and Rising Debt

  • September 2, 2024

Fitch Ratings has downgraded the Maldives’ credit rating from CCC+ to CC, citing a decline in foreign reserves and the upcoming repayment of foreign debt and sukuk bonds starting next year. As of July, the country’s gross foreign reserves had fallen to 395 million USD, down from 492 million USD earlier. Domestic reports highlight growing

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Economics

IMF’s Primary Deficit Focus Deepens Sri Lanka’s Debt Crisis: Analyst

  • August 5, 2024

The International Monetary Fund’s (IMF) stringent focus on an arbitrarily set primary balance target in Sri Lanka’s budget is exacerbating the country’s debt situation, warns an economic analyst. IMF Staff Mission Chief Peter Breuer emphasized the importance of achieving a 2.3 percent primary balance target of Gross Domestic Product (GDP) in his recent review statement.

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