World Bank Urges Maldives to Implement Immediate Fiscal Reforms

The World Bank released its Maldives Development Update 'Batten Down the Hatches' on November 22, 2023, urging immediate fiscal reforms. Despite a projected 6.5% GDP growth in 2023 and 5.4% average from 2024-2025, the Maldives faces high debt (above 115% of GDP), rising spending, and external shocks. The report recommends better public investment management, targeted subsidies, increased revenues, and prudent debt management. It notes that the government increased GST but delayed subsidy reforms. The World Bank Country Director Faris H. Hadad-Zervos emphasized addressing fiscal vulnerabilities for long-term growth. The update was presented at Maldives National University.

The World Bank released its Maldives Development Update 'Batten Down the Hatches' on November 22, 2023, urging immediate fiscal reforms. Despite a projected 6.5% GDP growth in 2023 and 5.4% average from 2024-2025, the Maldives faces high debt (above 115% of GDP), rising spending, and external shocks. The report recommends better public investment management, targeted subsidies, increased revenues, and prudent debt management. It notes that the government increased GST but delayed subsidy reforms. The World Bank Country Director Faris H. Hadad-Zervos emphasized addressing fiscal vulnerabilities for long-term growth. The update was presented at Maldives National University.

The World Bank released its Maldives Development Update 'Batten Down the Hatches' on November 22, 2023, urging immediate fiscal reforms. Despite a projected 6.5% GDP growth in 2023 and 5.4% average from 2024-2025, the Maldives faces high debt (above 115% of GDP), rising spending, and external shocks. The report recommends better public investment management, targeted subsidies, increased revenues, and prudent debt management. It notes that the government increased GST but delayed subsidy reforms. The World Bank Country Director Faris H. Hadad-Zervos emphasized addressing fiscal vulnerabilities for long-term growth. The update was presented at Maldives National University.

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