Finance Minister Hassan Zareer stated tonight that although the Middle East war heavily impacted the Maldives' economy, rays of hope have now begun to appear to steer the economy in the right direction.

Speaking at the ninth episode of the "Ahaa" forum held by the President's Office and state media PSM with government ministers, Zareer stated that by this point since the beginning of this administration's term, USD 1.42 billion has been paid to settle state debts, and that this year has been the most burdensome year. Looking at the loans that need to be paid by the state, he also stated that with the success achieved now, reliefs will be received in the future.

"Although this is a year with challenges, rays of hope have now begun to appear for the work being done by us to take the economy towards a good direction," Zareer said.

One such matter, he stated, is the recent change to the Maldives' rating. He also stated that a slight improvement in the Maldives' credit rating is something noted by global financial institutions and other countries.

"Therefore, what we see are very bright days," Zareer said.

The minister stated that as this year began, the Maldives' economic growth was at a very good level. However, he also stated that due to the change in oil prices with the outbreak of the Middle East war, the expenditure required as subsidies increased.

"We started this year as a very good year. As a year where major progress would be gained for the economy. In that regard, the first quarter of this year was a quarter where state revenue increased significantly," Zareer said.

He stated that although the government budgeted MVR 2.9 billion to be spent as subsidies this year, MVR 4.3 billion has been spent as subsidies so far this year.