Zameer calls for new economic policies amid global uncertainty
The Minister also outlined a medium-term revenue policy developed in collaboration with relevant government agencies.
Finance Minister Moosa Zameer has stated that the current global economic situation requires all countries to reassess and adapt their economic policies.
He made the remarks while delivering the keynote address at the 8th Asia Initiative Meeting on Monday.
Zameer said the Maldives is experiencing economic challenges similar to those faced by other countries and highlighted the need for policy reforms to support a sustainable economic environment.
He noted that the Maldivian economy is heavily reliant on international tourism. This reliance made the economy vulnerable during the global recession. However, he said tourism has played a significant role in the recovery process.
“With planned reforms and forward-thinking measures, our economy has now returned to pre-pandemic conditions,” Zameer said.
According to the Minister, tourism revenues accounted for 13.8% of Gross Domestic Product (GDP) in the previous year, while the real GDP grew by 5.5%. He said these figures reflect the key role of tourism in the country’s economic recovery.
The Minister also outlined a medium-term revenue policy developed in collaboration with relevant government agencies. The strategy is focused on strengthening existing revenue policies, increasing domestic revenue, and reducing reliance on external debt.
He added that proposed amendments to the tax structure mainly involve changes to indirect taxes. These changes aim to increase revenue and improve the sustainability of public finances in the long term.
Zameer said a robust tax system is necessary for economic growth and sustainable development.
The Minister further emphasised the importance of international tax cooperation, particularly in facilitating the exchange of information between countries in areas such as tax evasion and compliance.
