"Thanks to progressive measures and adherence to guidelines, the Maldives’ tourism has observed a strong rebound since late last year, with the country’s economy now on the road to recovery,” said the World Bank official in a press release on Tuesday.
"Building on the positive economic outlook, Maldives can achieve a greener and more resilient growth and development that benefits all Maldivians through active management of its macro-fiscal situation and debt vulnerabilities," the official stated.
The visit came hot on the heels of the launch of the latest World Bank Maldives Development Update: A Digital Dawn report, which was released on April 15.
The Update analyzes the devastating effect of the pandemic on the archipelago’s economy, which saw a year-over-year contraction of nearly 30 percent in 2020.
However real GDP is expected to grow by 17.1 percent in 2021, thanks to a strong recovery in tourist arrivals and continued investments in tourist facilities.
The Update also highlights how digital technologies can be game changers for Maldives’ growth and development.
During the two-day visit, the Country Director met with key portfolio ministers, including Minister of Finance Hon. Ibrahim Ameer, Minister of Economic Development Fayyaz Ismail, Minister of National Planning, Housing and Infrastructure Mohamed Aslam, and Minister of Environment Dr. Hussain Rasheed Hassan.
Meetings were also held with the Governor of Central Bank Ali Hashim, as well as top officials from the Ministry of Communication, Science and Technology.
Discussions during the meetings focused on the macro-fiscal environment and the impact of covid-19 on the country’s economy.
The Country Director also conveyed the World Bank’s readiness to support the Maldives in building back better for inclusive and sustainable economic growth, and achieving its development goals.
The World Bank portfolio in the Maldives currently consists of 10 active operations with total net commitment of $182 million.