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Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
Featured Insight
Maldives’ reserves continue to dip
The external reserves of the Maldives have been on a declining trend since June 2020. At that time, the gross reserves held by the Maldives Monetary Authority amounted to USD 702.5 million , sufficient to finance 5.2 months of imports. However, by September 2024, the reserves had fallen to USD 371.2 million, covering only 1.1 months of imports. This situation mirrors what happened in Sri Lanka, which faced its worst economic crisis after its usable external reserves plummeted from USD 6,695 million (6.4 months of imports) in June 2020 to USD 308 million (0.18 months of imports) by April 2022. The rapid decline forced Sri Lanka to default on its external debts due to a shortage of foreign exchange. With assistance from the International Monetary Fund (IMF), Sri Lanka is now undergoing debt restructuring, temporarily halting debt repayments and increasing foreign exchange inflows. While the Maldives' reserves are declining at a slower rate—0.08 months of import coverage lost per month compared to Sri Lanka's 0.25 months per month—the trend is still concerning. At this pace, the Maldives could face a similar crisis within the next 2 years. It is crucial for the Maldives to identify these warning signs early. Proactive measures, such as pre-emptive debt restructuring, can be less harmful than dealing with a disorderly default. Early intervention can help stabilise the economy and avoid the severe consequences as experienced in Sri Lanka.
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The Cost of a Kevili Table in 2024
The cost of assorting a traditional “kevili” table for the Sinhala and Tamil New Year has gone down in 2024 compared to 2023 but remains more than twice as high as it was in 2019.
2024-04-06
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The Cost of a Kevili Table in 2023
This Avurudu, the cost of preparing a Kevili table has risen by 2.4 times since 2019. The basket of items one would usually find at Kevili table vary between households. Public Finance.lk used the following: Kokis...
2023-04-14
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Has the Government Fulfilled its Policy Promises in the Urban Development & Housing Sector the 2021 Budget?
The National Policy Framework: Vistas of Prosperity and Splendour is the government’s official policy document. As such the government is bound to implement the policies mentioned in this policy document. For the majority of t...
2021-04-05
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Budget 2021: Urban Development & Housing Sector Allocations
Today (2nd December 2020) is the 2021 Budget Debate for the Ministry of Urban Development & Housing. In 2021, one Budget proposal worth LKR 2,000 Mn was announced for this sector to develop walking tracks & common amenities.In 2021, LKR 58 Bn was allocated...
2020-12-03
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