Former Minister of Finance Ahmed Munawwar has outlined his vision to make the financial sector of the Maldives the top sector in the region. He made the statement during a briefing to the Parliamentary Finance Committee, convened after President Dr. Mohamed Muizzu proposed his appointment as Governor of the Maldives Monetary Authority (MMA).
Speaking to the committee, Munawwar noted that the financial sector is a highly diversified part of the economy, contributing 6% to the Gross Domestic Product (GDP). He set a target to double this contribution within five years, emphasizing that this goal is achievable through effective human capital development and increased regional investment. He also envisions transforming the Maldives into a financial hub comparable to Singapore.
Additionally, Munawwar assured that as MMA Governor, he would support government initiatives that benefit the public while opposing any that are detrimental to the country. He also stated his willingness to resign if necessary to uphold these principles.
Furthermore, Munawwar reaffirmed his commitment to his core beliefs, particularly his stance against the principle that the MMA should deposit funds solely based on government directives. He also advocated for prioritising training and development within the financial sector, including for journalists, to drive sectoral growth.