Maldives Seeks Support as Energy Costs Rise
The Maldives is seeking international financial assistance to shore up reserves and pursue economic reforms. Rising energy costs and declining tourism have strained public finances and widened the budget deficit.
The Maldives is seeking financial assistance from international partners to protect its reserves and fund fiscal reforms after surging energy costs widened its budget deficit.
The archipelago imports all of its fuel, forcing officials to triple energy subsidies this year as prices climbed following conflict in the Middle East. Finance Minister Hassan Zareer said the higher outlays pushed the budget deficit to 9%, exceeding the targeted 7.1%.
