Minister of Economic Development and Trade Mohamed Saeed has conveyed the commendation of the International Monetary Fund on President Dr. Mohamed Muizzu's economic policies as the most responsible among global leaders.
Speaking to reporters prior to the Invest Maldives Forum in Dubai, Minister Saeed highlighted the praise of the IMF for President Muizzu's decisive actions, particularly the cessation of public account overdrafts and monetary expansion, which the IMF deemed as a prudent and responsible measure in the given circumstances. He assured that the IMF stands ready to extend all possible support.
Additionally, Minister Saeed underscored the acknowledgment of the IMF of President Muizzu's swift implementation of significant economic reforms within the initial three months of his tenure and reiterated the President's commitment to international cooperation.
Furthermore, Minister Saeed projected a 5.5% growth for the Maldives' economy this year, attributing this optimistic outlook partly to the resurgence of tourism within six months and the continuity of all economic activities.
Moreover, Minister Saeed outlined President Muizzu's vision, which includes the establishment of a development bank comprising a pension fund, a sovereign development fund, and private investments, emphasizing the necessity of maintaining the Maldives' credit rating and fostering a transparent economy. He also highlighted the pause in the country's credit rating under the previous administration.
Meanwhile, during her meeting with President Dr. Muizzu, IMF Managing Director Kristalina Georgieva emphasised the imperative of strategic planning and robust implementation to fortify the financial system against internal and external challenges. She noted the financial vulnerability upon the new government's assumption of power on November 17 and underscored the urgent measures required to address the ensuing economic challenges.
Additionally, Georgieva commended President Muizzu's decisive policy initiatives and his commitment to instituting prudent and forward-looking reforms for sustainable economic progress and stability. She lauded the President for prioritizing these issues in his inaugural address to the nation.