Former tax commissioner Zareer appointed as new finance minister

President Dr. Mohamed Muizzu has appointed former tax commissioner Hassan Zareer as the new finance minister.

Zareer was presented with his letter of appointment during a ceremony held on Monday afternoon at the President’s Office.

His oath was administered by Supreme Court Justice Mohamed Saleem.

Zareer, who has worked in various tax and audit-related roles since 2000, most recently served as the commissioner general of taxation – a role he was appointed to in May 2024.

He has also held senior positions at Villa Shipping and Trading Company and the Bank of Maldives (BML).

Zareer holds a Bachelor of Accounting and a Master of Science in Finance from the International Islamic University Malaysia (IIUM). He also holds the qualifications of Fellow Chartered Management Accountant (FCMA, CGMA) in the UK and Certified Practicing Accountant in Australia.

Zareer’s appointment as finance minister came a few hours after Moosa Zameer resigned from the role. According to the chief government spokesperson Mohamed Hussain Shareef (Mundhu), Zameer resigned due to health grounds.

Zameer was a member of President Muizzu’s original 22-member cabinet, and had initially served as foreign minister, but replaced Dr. Mohamed Shafeeq as the finance minister in December 2024 after the latter resigned.

Zameer’s resignation on Monday came after he survived a major cabinet shakeup in the wake of the ruling party’s heavy defeat in local council elections and a referendum on synchronizing major elections in April.

The April 14 reshuffle saw 10 ministers – half of the cabinet - getting asked to resign. The President’s Office said at the time that they had resigned to provide room for President Muizzu to run the government “in accordance with the aspirations of the people.”

Zameer’s resignation also came as the Maldives faces major economic challenges due to its staggering debt. The country has settled around USD 1 billion in debt obligations so far this year, including a USD 100 million sukuk in April.

Following the repayment of this massive debt, Fitch recently upgraded Maldives’ credit rating from 'CC' to 'CCC-'. However, the 'CCC-' rating remains within speculative or "junk" territory.

While the People’s National Congress (PNC) hails this as a major win, economic analysts continue to warn that while the immediate threat of default has diminished following the sukuk repayment, substantial economic challenges continue to persist.

In addition of its massive external debt, the government also reportedly owes billions of Rufiyaa to private companies for various government contracts.