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Ministry of Finance & Treasury Republic of Maldives Islands: 1192 Inhabited Islands: 188 Administrative Atolls : 20 Overview Resident Population: 402,071 Nominal GDP per Capita : USD 6791.6 Highest contributor to GDP: Tourism 28% Share of fisheries sector is small, but still a key source of employment Ministry of Finance & Treasury Our Achievements • • • • • • • Poverty is below 10%. Achieved literacy rate of 99%. Life expectancy of 74 years. The only MDG+ country in the region achieving 5/8 goals. Highest Per Capita in south Asia Region. Medium HDI country with a national level HDI of 0.688 (global average 0.694) Graduated from LDC status in 2012. • All because of sustained investment in Health and Education in 1990’s and 2000’s. Ministry of Finance & Treasury Challenges • Inequality • Income • Tourism is concentrated in the region near by capital. • Tourism sector is disconnected from local SME’s. • Health • Quality of care and nutrition between male and atolls. • Education • Access for higher secondary and tertiary education in atolls • Quality of educational outcomes in atolls. Ministry of Finance & Treasury Towards Achieving SDG’s • Main focus: • Inclusive growth • Addressing inequalities • Building resilience against climate change. • Broad Policies: • Urbanization • Economic diversification • Tax reforms Ministry of Finance & Treasury • Inclusive education • Economic Diversification • Development of the INIA and developing two international airports at south and north of the country. • Tourism Diversification (horizontal expansion) • Hotels / Resorts/ Guest house Industry • Tourism Expansion • Increase operational tourist bed capacity from 25,000 beds to 35,500 beds • Increase local employees from 11,000 to 19,000 • Increase local staff ratio from 45% to 50% Ministry of Finance & Treasury • Creating Jobs • 1/8 person out of the whole population to serve in government • Addressing the issue of structural mismatch in the job market • Enhancing private sector engagement • Special Economic Zones • Strategic Investment Projects of Maldives • • • • • Ihavanddhippolhu Integrated Development Project (iHavan) Hulhumale’ Youth City Oil and Gas Exploration Thilafushi Port Development Expansion of Ibrahim Nasir International Airport Ministry of Finance & Treasury • Resilience against climate change and natural disasters • Total damages are estimated to be about $470 million. • Main issues. • • • • Fishing: Sea surface temperature is affecting tuna migration Tourism impact: unexpected weather conditions. Soil erosion. Fresh water challenges • Main Policies • Renewable energy Resources • Coastal Protection Ministry of Finance & Treasury 2030 agenda for sustainable development. • Strengthening frameworks • Regional road map : should be accepted and endorsed by all parties equality (e.g. SARRC). • Challenges • Financing (pooling available resources, enhancing tax systems) • Monitoring (efficiency / transparency) • Data collection Ministry of Finance & Treasury
