Minister of Finance Ibrahim Ameer has stated the Greater Male' Connectivity Project (GMCP) will transform the Greater Male' Region and the Maldivian economy. He made the statement at the agreement signing ceremony between the Ministry of National Planning, Housing, and Infrastructure and India-based Afcons Infrastructure Limited for the development of the GMCP.
Speaking at the ceremony, Minister Ameer said the project will address challenges in connectivity in the Greater Male' Region, ease congestion, and increase the potential of the commercial port to be established in Gulhifalhu. Furthermore, Minister Ameer said the government had sustained spending to support citizens and businesses and to cushion the welfare loss, and keep businesses ready when the economy reopens, as well as to avoid inflicting lasting damage to the growth prospects of the country.
The minister highlighted the government has assisted around 23,000 individuals who lost their jobs or faced income reductions through the income support allowance scheme, adding that 2,117 small and medium enterprises (SMEs) and 419 large businesses benefited through the COVID-19 recovery loan scheme, which helped prevent layoffs and bankruptcies. He noted there is an unavoidable tradeoff between maintaining low fiscal deficits and supporting the economy under the circumstances that the world is currently facing, and that saving lives and supporting livelihoods are the priorities of the government.
Furthermore, Minister Ameer said the average daily tourist arrival numbers are now close to the level recorded in 2019, and that the economy is on track to record real growth of 22.7 percent in 2021, and an average of 9.8% over the period 2022 to 2025. He added that not utilising secured concessional financing is unsound reasoning, especially with projects that affect the quality of life of citizens and those that increase the country's growth potential such as the GMCP.