Economic Minister Discusses Economic Restructuring with World Bank

The World Bank has held talks with the Minister of Economic Development and Trade on the restructuring of the economy.

Representatives from the World Bank included World Bank Vice President for South Asia Martin Raiser and World Bank Country Director for Maldives Faris Hadad-Zervos attended the meeting.

The meeting discussed the President's views and policies to further expand the economy of Maldives.

The Minister said that the meeting with the World Bank was used as an opportunity to discuss the government's efforts to strengthen the foundations of Maldives’ economy by increasing tourism development.

The Minister further noted that they had discussed the reforms that President Dr. Muizzu has decided to bring to strengthen the financial system and introduce modern financial services. In addition to this, the President’s intention to establish a development bank in Maldives was expressed to the World Bank representatives.

President Dr. Muizzu has opened up investment in special economic zones to diversify the economy. He established a state-owned company to establish a port and import/export zone in Ihavandhippolhu and handed over development rights to the company. He also established a special authority to introduce off-shore banking and other financial services.