Malé, Maldives – Finance Minister Ibrahim Ameer has stated that economic activity is being restored to pre-pandemic levels in Maldives.
At a media briefing today at the Health Emergency Operations Centre (HEOC) , the Minister stated that the Maldives is comparatively ahead in economic recovery in regards to countries in similar situations . He said this has been widely recognised by the global community.
“We can see today that the Maldivian Economy is returning to our 2019, pre pandemic economic levels”Finance Minister Ibrahim Ameer
The Minister stated that as the economy is recovering, and has not completely returned to normal, we must give additional support right to it right now. He added that due to various countermeasures taken by the government, the country is in a better state than compared to March of last year.
The pandemic spread globally and initially affected the tourism industry during March 2020. The Maldives was affected around this time too.
” Steps taken for Economic development and the management of the fiscal situation, debt and cash flow have all resulted in the Maldives to be in a better situation today than March of last year”Finance Minister Ibrahim Ameer
The Minister pointed towards a stable inflation rate and a decrease in unemployment as signs of an improving economy. He added that individuals requiring income support allowance, which is given to people who had their income negatively affected due to covid-19, have decreased, noting that this is an indication of more employment oppuritinies in the economy.
Minister Ameer stated that for continued favourable developments in the economy, currently existing risks should be managed. One important task should be to control the spread of Covid, said Ameer, who went onto advise the public to follow all Health Protection Agency (HPA) announcements.
The economy has recovered to some extent due to various disease management steps according to the Minister. He disclosed that one such step was the start of vaccination efforts, which was followed by a large boom in tourism.
“In addition, I believe that the government’s economic relief package and economic stimulus loans have allowed for the 2021 economy to progress”Finance Minister Ibrahim Ameer
The government expects that favourable economical developments in 2022 and 2023 will result in the recession being overcome and a return to 2019 levels of economic activity.