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.

Maldives rules out IMF bailout despite financial woes, plans tax hikes to manage debt

The Maldives, a popular tourist destination, is facing a severe financial crisis as investors rush to offload the country's Islamic bonds, known as sukuk. The selloff has intensified in recent weeks, with the dollar-denominated sukuk due in 2026 dropping below 70 cents on the dollar, a record low.

Traders dump Maldives debt amid growing default risks

Amid increased geopolitical tensions between India and Maldives, the archipelago nation has urged the nationals of its giant neighbour to visit the country in large numbers to shore up the country's faltering economy.

‘We have a history’: Change of tunes as Maldives urges Indians to visit in ‘large numbers’

Maldives Foreign Secretary Abdul Ghafoor Mohamed said on Wednesday that when lockdowns were imposed all across the globe, his country had to close its borders and had no visitors.

Maldives became no-income country overnight, says Foreign Secretary Abdul Ghafoor Mohamed