The Chief Executive Officer of Bank of Maldives (BML) has stated that the Maldives faces challenging prospects.
Mr. Tim Sawyer, the national bank's CEO had noted that the economic recovery for the island nation was not without its set of obstacles and hurdles.
"Storm clouds are apparent," he described the upcoming months in terms of Maldivian economic recovery.
"New competitors will come, the dollar position is unsustainable over the long term, the international review of the anti-money laundering standards known at FATF may not go well for this country when it happens," he said.
Furthermore, Mr. Sawyer noted that the international economic position was also in sensitive condition and noted that a "serious global recession" was looming while rapid inflation and foodstuffs and fuel will have "consequences for this island nation."
In his speech, he had asked the attendees to ponder over the economic struggle of neighboring Sri Lanka and its current battle to overcome the situation.
While drawing parallels from the famous HBO hit series "Game Of Thrones" Mr. Sawyer noted that much like Winterfell's residents always chant "winter is coming" a similar, yet figurative winter may very well be on its way to the island nation.
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