Ibrahim Asad
Moosa Zameer, the Finance Minister of the island nation, stated that substantial investments are essential for the country to diversify its economy, which is focused on tourism and fishing. The Maldives has an annual GDP of approximately $7bn, but the initiative is anticipated to increase it threefold within four years.
Zameer mentioned that Maldivian officials view the agreement as one potential solution to address ‘specific challenges’. He identified the primary issue facing the country as debts that are payable within the next two years.
This year, the Maldives must fulfill $600-700 million in foreign debt commitments, while next year it will be approximately $1 billion, according to Moody's rating agency in December.
The agreement for the joint venture between MBS and the Maldivian government was signed on Sunday. The Maldives International Financial Centre, a financial hub, is anticipated to cover an 830,000-square-metre area and concentrate on blockchain and digital assets, with projected revenue exceeding $1bn by the fifth year of execution.
source: reuters.com
Zameer mentioned that Maldivian officials view the agreement as one potential solution to address ‘specific challenges’. He identified the primary issue facing the country as debts that are payable within the next two years.
This year, the Maldives must fulfill $600-700 million in foreign debt commitments, while next year it will be approximately $1 billion, according to Moody's rating agency in December.
The agreement for the joint venture between MBS and the Maldivian government was signed on Sunday. The Maldives International Financial Centre, a financial hub, is anticipated to cover an 830,000-square-metre area and concentrate on blockchain and digital assets, with projected revenue exceeding $1bn by the fifth year of execution.
source: reuters.com
