This announcement follows the Maldives Ministry of Finance's recent report that public and publicly guaranteed debt has surged to nearly 110 per cent of the nation’s GDP. The Maldives, heavily reliant on tourism, was severely impacted by the COVID-19 pandemic and has only started to recover in 2023.

After a pandemic-induced contraction, the Maldivian economy grew by 13.9% in 2022 and is estimated to expand by 4.4% in 2023, with growth projected at 5.2% in 2024 as tourist arrivals increase.