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International Business Times
International Business Times
Business
AFP News

Cash-strapped Maldives Says No Need For IMF Bailout

The Maldives' foreign debt stood at $3.37 billion in the first quarter of this year (Credit: AFP)

The Maldives says its financial troubles are "temporary" and the luxury tourist destination has no plans to seek an International Monetary Fund bailout after warnings of a possible sovereign default.

Foreign minister Moosa Zameer said the Indian Ocean archipelago, best known for its upscale resorts and celebrity visitors, was pressing ahead with tax hikes to meet its debt servicing obligations.

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