The International Monetary Fund has denied reports claiming that it has suspended the Maldives’ standby agreement and blocked the country from the fund’s financial assistance programs.

“The Maldives has not been suspended. We will continue assisting the Maldives,” Rodrigo Cubero, who led a IMF mission that visited the Maldives said, according to Haveeru, a local newspaper.

Reports of the Maldives’ alleged suspension from IMF’s assistance programs first surfaced after Maldives Parliamentary Finance Committee Chair Mohamed Nazim told local media that “USD79.3 million aid and the two-year US$13.2 million Exogenous Shocks Facility approved by the organization’s executive board under the three-year standby arrangement made in December 2009 were suspended.”

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.