Finance Minister Ibrahim Ameer has denied recent rumors of a possible depletion of reserves.

While explaining the recovery of the country’s economy, the minister via a tweet claimed that with the increase in US dollar revenues in the Maldives, the reserve will be kept similar to pre-Covid levels.

Mr Ameer claimed the island nation was not short of staff to pay off its debts.

He assured that the Maldivian state has the capacity to settle all state debts on or before their due date.

Mr. Ameer had also scrutinized rumors about the state’s health and the country’s economy. Furthermore, he pointed out the negative impact that such rumors will have on attracting potential foreign investors.

According to the minister, such baseless rumors will undoubtedly pave the way for the island nation’s economic conditions to be questioned by international players.

In addition to his assurance of the country’s reserve, Mr. Ameer further attested that the Maldives’ gross and net reserves were at healthy levels; which is maintained through appropriate cash inflows and outflows in foreign currencies.

The minister assured that the Maldivian economy will be able to reach pre-Covid conditions by the end of 2022, which he attributed to good crisis management and efficient conduct by local entrepreneurs.

However, the Minister also warned that changes in the international market and inflation in commodity prices will also be reflected in the Maldivian consumer market.

In order to combat price hikes in the global market, particularly the surge in oil prices leading to increased fuel subsidies, the government has increased the ITFC trade finance limit to MVR 175 million with the aim offset the impact on reserves.