Minister of Economic Development Fayyaz Ismail has stated that the economy is comparable to 2019, prior to the COVID-19 pandemic. He made the remarks while speaking at the annual general meeting of the Maldives Association of Tourism Industry (MATI).
Speaking at the event, Minister Fayyaz said that one of the most important initiatives conducted by the administration is to strengthen the trust of investors and businesses in the economy and that it can be done within the laws and relevant regulations. The minister noted the Maldives has been able to overcome the negative impacts of the COVID-19 pandemic but the country is still vulnerable to changes in the world economy. He also addressed the concerns of tourism businesses and said the country’s economy is comparable to 2019 and that the challenges in managing the debt are caused by the rise in fuel and commodity prices due to the Russia-Ukraine conflict.
Additionally, Minister Fayyaz said the administration is working on making the necessary adjustments for the long-term and to provide services quicker and more effectively to citizens and businesses, despite the failure of previous governments to invest in such initiatives.