President: Maldivian economy suffered MVR 71.3 billion in losses past two years

In an address to the nation on Sunday evening, President Solih said that while COVID-19 halted economic activities in countries across the world, Maldives was one of the countries which was projected to suffer the highest economic losses due to the pandemic. 

“Even in that situation, the government worked to ease the burden on the people. We provided assistance to the people in various ways to the extent of the state’s abilities,” he said. 

He highlighted on the discounts on utility bills, the rollout of the income support allowance, loan moratoriums, and the issuance of loans to businesses under the condition they suspend termination of employees. 

He said that the government also provided social protection to the vulnerable, and deferred lease payments by resorts. 

President Solih said that as Maldives lifts the state of public health emergency it had been under for the last two years, Maldives was one of the top five countries international financial institutions expect to undergo high economic growth this year. 

He said that the secret behind the success was the people’s compliance with the measures imposed by the government to control the COVID-19 outbreak in Maldives, and the courage and tireless efforts of Maldivian people and businesses that operate in the country to revitalize the economy. 

“The greatest encouragement for this hard work was the great sacrifice made by health professionals who worked in the frontlines against COVID-19. And the hard work of the Maldivian military, police, other institutions and volunteers to enforce the measures,” he said. 

President Solih also thanked bilateral partners for their assistance and support to Maldives, especially India, Japan, United States, United Arab Emirates, China, Bangladesh, World Health Organization and other United Nations institutions. 

He singled out India in his expression of gratitude. 

“The Maldivian people received a lot of generous assistance from India these past two years. India was the country which donated the highest number of vaccines to Maldives. India bought USD 250 million in bonds to mitigate economic losses. They donated a lot of medical equipment. They opened a travel corridor with Maldives to ensure tourism continued uninterrupted,” he said. 

He noted that India had also made special arrangements to allow Maldivians to travel to India to seek medical treatment, a concession which he said India did not grant to any other country except for Maldives.