Tax commissioner Zareer appointed as new finance minister

President Dr Mohamed Muizzu has appointed Hassan Zareer as Minister of Finance and Public Enterprises.

The letter of appointment was presented to Zareer, who had been serving as the Commissioner General of Taxation, during a ceremony held at the President’s Office on Monday afternoon.

Following the appointment, Supreme Court Justice Mohamed Saleem administered the oath of office. Zareer then signed the official declaration of oath.

The appointment comes hours after Moosa Zameer resigned as Minister of Finance and Public Enterprises.

Sources confirmed that Zameer submitted his resignation letter to President Muizzu on Monday. According to information available, he cited health reasons for stepping down. Zameer underwent a surgical procedure in December last year.

Zameer served as finance minister during a period marked by efforts to manage the country’s external debt obligations and public finances.

One of the key developments during his tenure was the repayment of the Maldives’ USD 500 million sovereign Sukuk, which matured in April. Including interest, the total payment amounted to approximately USD 525 million.

The repayment represented one of the largest external debt obligations due during the current administration.

Last week, Fitch Ratings upgraded the Maldives’ sovereign credit rating from ‘CC’ to ‘CCC-’. In its assessment, Fitch cited the successful repayment of the sovereign Sukuk as a factor behind the upgrade, stating that it had reduced immediate default risks and eased short-term external financing pressures.

The government has not yet released further details regarding Zareer’s priorities in his new role.