The Minister of Finance and Planning Moosa Zameer stated yesterday that the sukuk from the Bank of Maldives (BML) guaranteed by the government is meant to expand private business investments.

Zameer posted on X regarding Maldives' rating being raised by one of the largest credit rating agencies in the world, Fitch Ratings, with him saying that the sukuk is a financial transaction by the government and BML aimed at boosting the economy, specifically the tourism industry in the northern and southern regions of Maldives.

"As I have stated before, the USD 300 million sukuk from BML upon the guarantee of the government is not meant to aid the state budget nor is it meant as a transaction for the purposes of the government's cash flow," said Zameer.

Zameer went on to say that the point of this initiative is for economic progression within the tourism industry, facilitate investments toward private businesses and the expansion of economic activities in regions aside from Male'.

With this sukuk, Zameer said that state resources would increase and it will serve to meet the financial goals that have been set for the next few years.

As per Zameer, the increase in the Fitch Rating is proof of economic improvement and is a symbol of increasing trust in the government's financial amendment agenda, in regards to the government successfully repaying the USD 500 million sukuk.

Zameer has welcomed and thanked President Dr. Mohamed Muizzu for the enforcement of important financial amendments under his advice and instruction.

Fitch Ratings maintained Maldives' credit rating at "CC" in June 2025 after looking at Maldives debt status. However, their report that was released yesterday shows that Maldives' Long-Term Foreign-Currency Issuer Default Rating had gone up from CC to CCC-.

Fitch's decision comes from Maldives' successful payment of the USD 500 million sovereign sukuk payment in April 2026, with the danger that debt may not be repaid having gone down.