Minister of Finance Ibrahim Ameer has revealed that the economy of the Maldives will expand by fourfold following the completion of the ongoing infrastructure development projects.
Speaking to PSM News, Minister Ameer responded to criticisms that the state debt has increased by saying that the government accepted loans to fund efforts to assist individuals and businesses to overcome the COVID-19 pandemic. He said that the government was willing to take any measures necessary to lessen the impact of the pandemic.
Furthermore, Minister Ameer noted that state expenditure increased due to these measures, resulting in a debt increase of USD2.5 billion in the past four years, of which USD1.1 billion was due to the COVID-19 pandemic. He said that the loans allowed the government to resume its projects, which included the development of water supply and sewerage services, the Greater Male’ Connectivity Project (GMCP), and airports across the Maldives, as well as the relocation of the Male' Commercial Harbour.
Additionally, Minister Ameer said the completion of the projects will allow the economy to expand fourfold and will attract investments to all parts of the country and contribute to the development of the construction sector.