World Bank Vice President for South Asia, Martin Raiser, has recently held critical discussions with the Ministry of Economic Development and Trade of the Maldives, focusing on ways to diversify and enhance the Maldivian economy. Raiser, following his meeting with the ministry, shared insights via a post on a social media platform, highlighting the significance of these discussions.
In his meeting with the Economic Development and Trade Minister, Mohamed Saeed, Raiser engaged in dialogues aimed at expanding the Maldives’ economy. Although specific details of the discussions were not divulged, the talks also covered strategies to promote private businesses and overall economic growth.
The World Bank team’s visit to the Maldives is part of a broader initiative to understand the country’s developmental plans and the measures being considered for effective economic management. Minister Saeed shared insights with the World Bank delegation regarding the government’s strategies and the current financial situation of the Maldives. Minister Saeed emphasised the importance of collaboration with international institutions like the World Bank and the International Monetary Fund (IMF).
Raiser’s visit to the Maldives also included interactions with other key officials, including Finance Minister Dr Mohamed Shafeeq and Climate Change, Environment and Energy Minister Thoriq Ibrahim.
The 2023 report from the World Bank, titled ‘Batten Down the Hatches’ and released for South Asia, presents an optimistic medium-term economic outlook for the Maldives. The report, however, advises the nation to increase revenue and manage expenditures judiciously to ensure financial sustainability.
Notably, the World Bank report acknowledges the significant strides the Maldives has made in infrastructure development services. It also points out the country’s heavy reliance on budget allocations, often exceeding the national product, underscoring the need for balanced financial planning.
These discussions and insights form a crucial part of the Maldives’ strategy to navigate its economic challenges and leverage its growth potential in the coming years.