President Nasheed, head of the Maldivian government, presents the World Bank with the Maldives economic policy

During the Maldives Country Management Retreat, organized by the World Bank and held at Kurumba Maldives, Maldivian President Mohamed Nasheed economic policy has shared the government’s with the World Bank. The objective of this retreat is to advance in refocusing the Bank Group’s strategy in the Maldives.

Maldivian President Nasheed Talked to the World Bank about the Maldivian Economic Policy

Speaking at the meeting, Maldivian President Nasheed said that the Maldives government inherited a country “on the verge of bankruptcy”.

“The fiscal irresponsibility of our predecessors has left a big black hole in the treasury”, the Maldivian President Nasheed added.

Speaking in this regard, the Maldivian President Nasheed said during the previous administration, civil service pay was hiked up as a means of patronage, commercial loans were taken to pay for infrastructure projects in the islands with the intention of buying votes, and that contracts were awarded for such projects with no financing secured.

Maldivian President Nasheed further stated that over sixty Maldivian resorts were tendered out “in a thinly disguised auction” and that the advance lease payments were used for consumption.

He added that the exorbitant lease rents became more of a burden on the successful bidders.

The Maldivian President Nasheed also said that such actions were not the actions of a prudent, responsible or competent government.

“It is one of life’s great ironies that it falls to a government led by a party accused with little experience of governing, to put the house back in order”, said the Maldivian President Nasheed.

Stressing that this was a challenge the government would rise to, and meet head on, the President said government’s aim was to give people the opportunity to live a decent life.

Furthermore, he said the Maldivian government’s development plan was one that was both equitable and sustainable.

Maldivian President Nasheed Gave a Speech to the World Bank about the Maldivian Economic Policy

In his speech, the Maldivian President Nasheed highlighted the five key pledges of the Maldives government’s administration as well as the government’s commitment to deliver those pledges.

Speaking further on this, the Maldivian President Nasheed stated that a social safety net would be instituted; a programme of corporatisation has been launched, new products in fisheries and tourism would be introduced to diversify the economic base; and, that a Technical and Vocational Training Programme has already begun.

In his speech, the Maldivian President Nasheedt said the government would consult with and seek the assistance of the World Bank in all those endeavours. Noting that IDA facilities for the Maldives were limited, the Maldivian President Nasheed said the 14 million Dollars was not enough.

Underlining that the Maldives Civil Service has an important role in creating an efficient government and a sustained economy, the Maldivian President Nasheed commented that it was now necessary to reduce the number of civil servants. Moreover, he said redundancy allowances would be provided for Maldivian government employees who are dismissed from their jobs.

Souce: Maldives Presidency

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