IMF Staff Country Reports

Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives

Publication Date:

November 11, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The Maldives’ economy is recovering rapidly from the pandemic, underpinned by a strong resumption in tourism on the back of the authorities’ rapid vaccine rollout and policy support measures. Fiscal and external vulnerabilities remain elevated due to rising subsidies, high capital spending, and an increased interest burden. The Maldives has a high risk of external debt distress and a high overall risk of debt distress. Inflation has risen but is relatively contained due to price subsidies. Risks to the outlook are tilted to the downside, including a possible sharp slowdown in key source markets for tourism, high commodity prices, and tighter global financial conditions. A resumption of tourist arrivals from China is an upside risk to growth.

Series:

Country Report No. 2023/366

Subject:

Capital spending Expenditure External debt Fiscal policy Government debt management International organization Monetary policy Public debt Public financial management (PFM)

Frequency:

regular