The main ruling Maldivian Democratic Party (MDP) has unveiled its manifesto's economic policies, with the aim of reforming the financial sector and making the Maldives a regional Islamic finance hub.
MDP and its coalition have formulated a manifesto that contains five main policies for President Ibrahim Mohamed Solih's second term. The latest announced policy on major economic change is divided into four main parts. These include a strong economy, inclusive participation in economic activities, the financial sector for the 21st century, and a sustainable economy.
Some of the key priorities under these policies include the formulation of a national master plan for further expansion of Islamic finance in the country and the establishment of a regional centre to make the country an Islamic financial hub. Efforts to develop the financial sector in the country also include prioritising Islamic finance and establishing a financial system that allows Islamic finance to more conveniently access sectors such as banking, insurance, and pension funds.
Additionally, the manifesto proposes to conduct a regulatory reform audit to overhaul the regulatory framework of the Maldivian financial sector in order to facilitate a modern financial sector and capital market. It also proposes policies to facilitate more opportunities for small businesses, and the sectors of tourism, fisheries, agriculture, transportation, and digital technology. They include policies to develop the fisheries sector into a world-class brand, provide more financial assistance and protection to small businesses, and strengthen the regulatory system. Other policies propose to introduce micro-financing schemes for smallholder farmers, give priority to land acquisition for farmers, and provide technical and financial assistance to develop world-class local hospitality management brands.