The President’s Office has stated the sound economic policy implemented by the government following the COVID-19 pandemic was the reason behind the country’s quick economic recovery.
Speaking on the government’s policy on addressing the current global economic situation, Policy Secretary at the President’s Office Ahmed Hamdhan said the Maldives was one of the countries most affected by the COVID-19 pandemic, as the country heavily relies on tourism. He said the country faced huge economic challenges after it was forced to close its borders and shut down the resorts. He, however, said the Maldives has been praised globally for the sound economic policy implemented to manage the economic crisis and that the government continues to implement similar fiscal and economic policies to counter the current global economic downturn.
Furthermore, Hamdhan said the government continues to monitor the global economic situation to take the necessary immediate steps. He expressed confidence that the government will be able to manage any global economic downturn, as it had been able to implement policies that allowed the country to recover from worse situations. He also said the state reserve has also largely improved and that there are no challenges in repaying the state debt.
Additionally, Minister of Finance Ibrahim Ameer said the country’s economy is rapidly improving and will reach pre-COVID-19 levels by the end of the year thanks to the government’s efforts to manage the health and economic crisis following the pandemic.