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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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Sri Lanka to begin second round of talks with ISB holders: report
Sri Lanka is planning a second round of talks with sovereign bondholders to restructure $12.5 billion in bonds and $1.7 billion in past due interest, using novel macro-linked and plain vanilla bonds, amid expectations of a...
2024-06-25
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Optimism grows for SL’s bankruptcy exit
Sri Lanka is hopeful about shedding its 'bankrupt nation' label soon, with key meetings scheduled this week with creditor nations (Paris Club, India, and China's Exim Bank) to finalize debt restructuring....
2024-06-24
Daily Mirror
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IMF has now become part of SL’s problem than solution: Dr. Nishan de Mel
Verité Research's Executive Director critiques the proposed Imputed Rental Income Tax and other tax measures under the IMF program, alleging the IMF has not publicly disclosed Technical Assistance reports that ju...
2024-06-20
Daily FT
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Weak restructuring of new SOE Co. can lead to risks: IMF
The IMF highlights concerns that the proposed Temasek-type holding company for SOEs in Sri Lanka could potentially undermine transparency and accountability if not structured and governed effectively. There is a risk that a...
2024-06-19
The Morning
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