News Desk
The OPEC Fund has extended a $100 million (MVR 1.54 billion) loan to the Maldives to help the country mitigate the economic impact of the Middle East conflict, Finance Minister Moosa Zameer confirmed today.
Speaking at a press conference held at the President’s Office, Zameer said the war triggered by the US–Israeli attack on Iran is expected to push global oil prices higher and reduce tourist arrivals — two areas that directly affect the Maldivian economy.
He said the government estimates losses of $85 million to $100 million if the conflict continues for a month. Before the war, the Maldives received around 60 flights a day, but 19 to 20 Middle Eastern flights are now being cancelled daily, sharply reducing arrivals.
To stabilise reserves and maintain essential imports, the government has secured $100 million through two foreign financing channels, including the OPEC Fund. “The work has been completed and an agreement was reached yesterday,” Zameer said. “It is a facility to finance oil purchases when prices rise.”
He added that the government is now completing the final approval process, with a formal request already sent to President Dr Mohamed Muizzu.
Zameer noted that the price of oil purchased by the Maldives has doubled since the conflict began, and global prices continue to fluctuate rapidly. However, he said the government has prepared measures to contain the impact.
One of those measures is using profits from STO to absorb part of the shock. “Research is being conducted on how STO’s earnings can be used to offset the loss,” he said.
Zameer reiterated that the Maldives is fully prepared for any scenario. “We are taking every step to ensure stability and resilience,” he said.
