Highest priority is to expedite financial reform, open investor opportunities: Zameer

The government's biggest priority is to expedite financial reform needed by the country, and to diversify investor opportunities, said Finance Minister Moosa Zameer last night.

Speaking at the Business Forum held at Bangalore as part of President Dr. Mohamed Muizzu's ongoing state visit to India, Zameer, who is newly transferred to the Finance Ministry after previously serving as the Foreign Minister, explained the government's efforts to cut costs and become more financially responsibly in order to overcome the financial setbacks plaguing the country.

He said measures are being taken to reduce expenses by targeting subsidies, reducing costs of government-owned enterprises and wasteful expenses within the government's health insurance 'Aasandha' scheme.

Minister Zameer revealed plans to formulate PSIP projects within a certain policy, directing subsidies to only those in need, and addressing issues within Aasandha as well as reforming the country's state owned enterprises.

He also highlighted the government's efforts to create new opportunities for foreign investors to diversify the country's economy, including necessary legal changes that maybe required to facilitate opportunities.

Speaking further, he highlighted the government's priority towards expanding the private sector, and added that efforts are being made to create more opportunities in technology and innovation. He also said that with this achieved, the government is working to grow Maldives' economy by 5.8 percent between next year and the year 2028.

This will be achieved by expanding multiple industries, he said, adding that they will prioritise production of new fish products and further expand the tourism industry.

Increasing the airport’s capacity to attract an additional 1.5 million tourists will also expand new investment opportunities in the tourism sector, the minister said.