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Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
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Sri Lanka moves closer to finalising debt restructuring with Japan
Sri Lanka’s Cabinet approved a debt restructuring agreement with JICA, following bipartisan negotiations and legal clearance, aiming to boost investor confidence and secure further international financial support....
2025-02-06
Daily FT
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நகர அபிவிருத்தி மற்றும் வீட்டுவசதி
$ 100 m ADB loan for power sector reforms
The Cabinet approved a $100 million ADB loan to support reforms in the Ceylon Electricity Board and Ceylon Electricity Company, as part of a $300 million program to overhaul Sri Lanka's power sector. ...
2024-07-03
Daily FT
மேலும் வாசிக்க
$ 5 b potential savings due to int. payment reduction
Sri Lanka will save $5 billion through reduced interest payments on restructured bilateral debt, with an extended repayment period of 8 years, starting in 2028 and ending in 2043.
2024-07-03
The Morning
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Reforms and rupee rise ramp up SOE profits
Sri Lanka's State-Owned Enterprises (SOEs) have reported a significant improvement in financial performance in the first four months of 2024 due to the appreciation of the rupee and comprehensive reforms, including cost...
2024-07-03
Daily Mirror
மேலும் வாசிக்க
No immediate impact on nominal debt stock via restructuring: Finance Min.
Sri Lanka's Ministry of Finance explained that debt relief measures like maturity extensions and interest rate reductions help reduce future budget deficits and improve the debt-to-GDP ratio. This is key to achieving debt...
2024-07-01
Daily Mirror
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