The Maldives Foreign Minister, Abdullah Shahid, recently announced that world leaders have requested the Maldivian government to share the formula used by President Solih for the economic recovery of the Maldives. The statement was made during a campaign event held in Addu City, where the Minister credited the recovery of the Maldives from the economic crisis brought about by COVID-19 to the leadership of President Solih.
It was further stated that the Maldives is now being held as an example for the rest of the world and that leaders are seeking to understand the formula used by President Solih for economic recovery.
However, it should be noted that the Maldives economy is currently facing significant challenges, and the International Monetary Fund has also issued warnings regarding the economic situation of the Maldives. Additionally, renowned investment bank JP Morgan's research division stated last year that the Maldives is on the brink of financial insolvency. Furthermore, the latest reserve figures indicate that the Maldives foreign currency reserves are depleting at a rapid rate.
Despite these challenges, the government has stated that the Maldivian economy is in good shape. The statement made by the Foreign Minister seems to be a political rhetoric. It is important to note that a country's economic recovery is a complex process that involves various factors such as government policies, private sector investments, consumer spending, and external factors such as global trade and tourism trends.