Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2024 Issue 106

Publication date: May 2024

ISBN: 9798400275920

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Industries - Hospitality Travel and Tourism , Environmental Economics , Maldivian authorities , monetary policy coordination , tourism sector , SARTTAC mission , IMF Policy recommendation , Tourism , Debt sustainability analysis , Climate change , Global

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Summary

Despite headwinds from the war in Ukraine, the Maldives’ economic recovery from the COVID-19 pandemic has shown resilience. The cyclical rebound and still favorable economic outlook provide an opportunity for the Maldives to address its large fiscal and external vulnerabilities. This calls for immediate policy actions to rebuild economic resilience and reduce debt to a sustainable level. Given that the Maldives is highly vulnerable to climate change, early actions to rein in debt vulnerabilities will help support the Maldives’ efforts to scale up the much-needed climate adaptation investments in a resource constrained context.