The World Trade Organisation (WTO) has commended the government's initiatives to strengthen economic resilience through the implementation of reforms and efforts to promote economic diversification.
During the fourth WTO Trade Policy Review Session, several member countries recognized the Maldives' trade policies and lauded the nation for its remarkable achievement in transitioning from a least developed country to upper middle-income status in just over a decade. They further praised the ongoing economic reforms and initiatives aimed at diversifying the economy. Delegations acknowledged that the Maldives' economic successes demonstrate the extraordinary resilience and adaptability of its populace. At the session, representatives from the Ministry of Economic Development and Trade addressed inquiries from member countries.
The government has been exerting several efforts aimed at improving the financial situation of the country and bolstering economic development and growth. A key initiative has been the cessation of money printing, which was initiated by the previous administration. Additionally, efforts have been made to reduce state expenditures, settle outstanding debts, and implement amendments to address foreign currency challenges.
In addition to the WTO, the World Bank and the International Monetary Fund (IMF) and other international financial institutions have praised the Maldives for its strategic measures to strengthen the financial sector.