Discussions will be held to participate in IMF Program again: Finance Ministry

Ministry of Finance has said that discussions will be held to include Maldives in the International Monetary Fund (IMF) economic program once again, from which Maldives is currently suspended.

Maldives was included in the program in 2012 during former President Nasheed’s administration. However failure to meet IMF requirements resulted in Maldives being suspended from the program later that year. By then IMF had granted a loan of $7.8m to Maldives.

A senior official of the Ministry said that an IMF delegation will visit Maldives within the next two months to conduct a review of the Maldives economy, and discussions will be held with them to include Maldives in their program again.

The latest visit by an IMF Mission to Maldives was in April 2012. Meetings were held with Members of Parliament, and IMF assured expert assistance to resolve the economic problems faced by the Maldives, but noted that financial assistance can only be provided if Maldives fulfils IMF criteria.

Former President Nasheed’s administration also held discussions to go back to the IMF economic program, but without success. The government has plans to take serious steps to reduce expenditure.