World Bank Pledges To Assist Maldives In Rebuilding Its Economy

As part of the World Bank’s continued engagement and support to the Maldives in its effort to recover the country’s economy from the unprecedented health and economic impacts of the COVID-19 pandemic, the World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Mr. Faris Hadad-Zervos, successfully concluded a two-day visit to the Maldives yesterday.

During his visit, the Director met with numerous ministers and senior officials of the government including Minister of Finance Hon. Ibrahim Ameer, Minister of Economic Development Hon. Fayyaz Ismail, Minister of National Planning, Housing and Infrastructure Hon. Mohamed Aslam, and Minister of Environment Dr. Hussain Rasheed Hassan, Governor of Central Bank Hon. Ali Hashim. Discussions that took place during the meetings were focused on the macro-fiscal environment and the impact of COVID-19 on the country’s economy. The Director also affirmed the World Bank’s commitment to assist Maldives in its effort to build back better for inclusive and sustainable economic growth and achieving its development goals.

In addition to this, the Director also oversaw the developments of the many World Bank run projects in the country. The World Bank currently runs 10 projects worth USD 182 million in the Maldives. 

Previously, the World Bank has assisted Maldives in the pandemic with the provision of a fast aid package of USD 7.3 million in April of last year. Additionally, USD 10 million was provided as financial assistance under the Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown in addition to a USD 952,000 for the pandemic emergency facility. 
The World Bank has also provided assistance in the distribution of income for support for individuals in the Maldives who have suffered income or employment losses during the pandemic, as well as the extension of the same project up until January of 2021.