World Bank Vice President for South Asia Martin Raiser has affirmed the commitment to extending assistance and collaboration to the Maldives. He gave the affirmation during his four-day visit to the Maldives.
During his visit, Raiser emphasised the significance of addressing the threats posed to the Maldives' infrastructure and environment. He underscored the interconnectedness of economic shocks and climate change, stressing the need to identify investment opportunities that mitigate harm to both the economy and the environment. He also highlighted the urgency of implementing fiscal reforms to mitigate risks associated with rising interest rates.
Additionally, the World Bank and the government jointly released the country's first Human Capital Review report on February 6. The report indicated that the Maldives' human capital surpasses that of other small island nations in the region and its low-income counterparts. As , prioritising essential expenditures, targeting subsidies towards those in need, and enhancing the quality of services across the islands are imperative. Raiser also affirmed the World Bank group's commitment to offering financial and technical support to the Maldives in this regard.
Raiser held pivotal discussions throughout his visit with key figures, including President Dr. Mohamed Muizzu, Minister of Finance Dr. Mohamed Shafeeq, Minister of Climate Change, Environment, and Energy Thoriq Ibrahim, and Minister of Economic Development and Trade Mohamed Saeed, alongside other cabinet ministers and development partners.
Presently, there are ten ongoing projects in the Maldives with World Bank assistance, including a World Bank International Development Association (IDA)-supported project, a regional project, and an IDA guarantee operation. The total cost of these projects amounts to USD217 million.