Finance Minister: The world has confidence in Maldives’ economic policies

Finance Minister Ibrahim Ameer. (Sun Photo/Mohamed Muzain Nazim)

Finance Minister Ibrahim Ameer states that global financial institutions have confidence in the Maldivian administration’s policies to strengthen Maldives’ economic and fiscal standards.

Ameer made the comment in a tweet on Sunday afternoon, after the International Monetary Fund and the World Bank welcomed measures taken by the Maldivian administration to strengthen economic and fiscal standards and promote sustainability.

He said that the move provided encouragement to the administration in its efforts to develop and manage the Maldivian economy, and indicated faith in the measures already in place as well as the additional measures the administration planned to take.

Ameer said the Maldivian administration had set measures to increase income and reduce expenditure in order ensure economic and fiscal sustainability in accordance with the 2023-2025 fiscal strategy, and shared them with financial institutions that work with Maldives.

He said that as noted by both IMF and World Bank, the plan to increase GST and TGST in 2023 in order to boost income, revise the policy for subsidies for sustainable management of expenditure, and reduce state-owned enterprises’ dependence on the state budget were important measures to improve economic standards.

Ameer said that the administration was managing economic and fiscal affairs under advisement from global financial institution.

“As such, Maldives has earned approval and support for the measures taken by the administration to manage the economic crisis from Covid,” he said.

Ameer said the administration would continue to make decisions related to economic and fiscal affairs with the goal of promoting economic development, the prosperity of the Maldivian people, and financial sustainability, and in line with the advice of global financial institutions.