Minister: Trusted institutions and reliable financial information crucial to achieving Maldives’ developmental vision

Trusted institutions and reliable financial information are crucial to achieving the Maldives’ goal to transform into a fully developed nation by 2040, says Finance Minister Hassan Zareer.

He made the remarks on Saturday morning at the opening of the Maldives Accountants Forum 2026, organized by the Institute of Chartered Accountants of the Maldives (CA Maldives).

Opening his address, Zareer stressed that every nation that seeks lasting prosperity must be built on trust, accountability and responsible management of its resources, adding that a strong accounting profession stands at the center of these foundations.

Zareer stressed that accounting is not simply about numbers, but that it ensures that public funds are managed responsibly, supports sound business decision, gives investors confidence and strengthens economic governance.

He said that this role is especially important for a small and vulnerable nation like the Maldives.

In his speech, Zareer noted that the government has repaid more than USD 1.4 billion in debt over the last two-and-a-half years – marking the highest level of debt repayment in the history of the Maldives.

Global credit rating agencies Fitch and Moody’s have both upgraded the Maldives’ sovereign credit rating in recognition of this progress.

 In recognition of this progress, Fitch and Moody’s have also upgraded the Maldives sovereign credit rating.

However, Zareer said that while these milestones are significant, true resilience means more than meeting immediate obligations.

“It means building an economy that can withstand future shocks through sound public finance management, reliable reporting and strong accountability,” he said.

Zareer noted that President Dr. Mohamed Muizzu has set ambitious goal to try to transform the Maldives into a fully developed nation by 2040.

“Achieving this vision require a diversified private-sector led economy, a stronger financial sector, greater productivity, and a digitally driven economy. Above all, it will require trusted institutions, and reliable financial information,” he said.

Zareer said that as the government continues its fiscal reforms, the accounting professional remains a vital partner in protecting public revenue and strengthening economic governance.

“Audit quality, independence, and professional ethics are essential to that effort,” he added.