Minister of Finance Ibrahim Ameer has stated that the commodity prices in the Maldives are stable compared to other countries.
Responding on Twitter after the World Bank stated that the Maldives is facing inflationary pressure due to the rise in global commodity prices, Minister Ameer noted that tourist arrivals have increased by 21.5% compared to the same period in 2022, adding that he expected a record number of tourists to visit the Maldives this year, which would lead to economic growth. He also said that the World Bank's prediction of reduced economic growth is attributed to changes in the base effect calculations, which were influenced by the higher-than-estimated gross domestic product (GDP) recorded in 2021.
Additionally, Minister Ameer said that the rise in global commodity prices has had less of an impact on the Maldives compared to neighbouring countries and that the government has managed to control inflation in the country through subsidies on oil, electricity, and essential food items. He highlighted that the government is continuing to implement measures to control commodity prices and repay the debt incurred during the COVID-19 pandemic, adding that measures will be taken in a way that has the least impact on citizens.