World Bank Vice President for South Asia, Martin Raiser, on December 10 concluded his first official visit to the Maldives since assuming office in July 2022.
Raiser highlighted the challenges of high debt and climate risks faced by the country and reiterated the World Bank’s support for important reforms and investments to secure continued, resilient growth.
During his four-day visit, Raiser met with President Ibrahim Mohamed Solih, Minister of Finance Ibrahim Ameer, Minister of Economic Development Fayyaz Ismail, and Minister of Environment, Climate Change and Technology Aminath Shauna.
He reflected on the strong partnership between World Bank and the Maldives over the past 44 years and expressed the World Bank’s commitment to supporting challenging fiscal reforms and investments in strengthening resilience in the face of global macroeconomic and climate change.
Thank you for this wonderful opportunity to learn about the challenges of achieving resilient & inclusive development and your dedication to tackle them. I had great talks with government and civil society on this and look forward to our continued engagement in #Maldives pic.twitter.com/IOEQqKOHAG
— Martin Raiser (@MartinRaiser) December 11, 2022
“Sound fiscal policies and smart investments in resilience and cost-effective service delivery will be critical to sustain Maldives rapid growth story,” Raiser said, commending the state on its move towards tax increase.
He also highlighted the Maldives rapid development and efficient management of the Covid 19 crisis. However, “high levels of debt, the impact of the war in Ukraine on commodity prices, and the risks of climate change and rising sea levels are creating new challenges,” Raiser said.
On December 8, Raiser joined senior officials of the Maldivian government to break ground on the installation of 5 megawatt solar Photovoltaic (PV), supported by the World Bank’s Accelerating Sustainable Private Investment in Renewable Energy (ASPIRE) project.
The project is said to reduce the costs of electricity by over 50 percent, making a critical contribution to saving scarce budget and foreign exchange resources. He also attended the closing ceremony of a high-level, two-day workshop organized by the World Bank and the Maldives government to explore the use of innovative digital solutions and data for climate adaptation.
Raiser had also visited Gulhi in Kaafu atoll to observe the impacts of climate change on the Maldives’ natural environment, infrastructure and people’s livelihoods, and how smart investments and leveraging eco-system services can help build resilience.
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