Government aims to reach pre-covid economic status by year-end

Finance Minister of Maldives, Ibrahim Ameer speaking at the inauguration ceremony of the procurement guidelines and job classification framework for State-owned enterprises. | Photo: Finance Ministry

Male’, Maldives – Finance Minister Ibrahim Ameer on Thursday, forecasted that the country was on the path to recovery, set to reach 2019’s economic positioning as early as by the end of this year.

Introducing stimulus loan packages for small and middle-class businesses, Finance Minister Ameer iterated that the driving force of such initiatives is to encourage the rapid economical progression across Maldives.

He said that the ministry is prepared to address all expenses necessary to ensure that country reaches its ambition and exceeds 2019’s financial ratings.

In addition, Minister Ameer revealed that based on the current economical trajectory, the national economy is projected to grow by at least 18 percent before the year 2021 concludes. This speculation expressed by Minister Ameer is backed by the International Monetary Fund, by the same figures.

The vision of the government entails all necessary expenditure towards reaching 2019’s economical status, as it was before the Covid-19 pandemic, by the end of this year.

Finance Minister Ameer

As with many developing nations, the ongoing Covid-19 pandemic has had a massively negative impact on Maldives’ economy. The nation’s income was reported to have steadily decreased by over 30 percent, resulting in losses of MVR 15 billion.

In response, the government moved to extend relief loans valued in total at approximately MVR 1.7 billion, in order to mitigate the financial repercussions as well as bolster overall growth across the business sector.