{
  "title": "Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives",
  "publication": "IMF Staff Country Reports, November 11, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/11/09/maldives-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-541373",
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  "summary": "The 2022 Article IV Consultation discusses that Maldives’ economic activity rebounded strongly from the pandemic-induced contraction, supported by the authorities’ decisive policy measures.",
  "sections": [
    {
      "heading": "Economic rebound and outlook",
      "content": "- Economic activity \"rebounded strongly from the pandemic-induced contraction,\" supported by the authorities’ \"decisive policy measures.\"\n- Risks to the outlook are \"tilted to the downside,\" including:\n  - \"a possible sharp slowdown in key source markets for tourism,\"\n  - \"high commodity prices,\"\n  - \"tighter global financial conditions.\"\n- Upside risk to growth: \"A resumption of tourist arrivals from China.\""
    },
    {
      "heading": "Fiscal and external vulnerabilities",
      "content": "- Fiscal and external vulnerabilities remain elevated due to:\n  - \"rising subsidies,\"\n  - \"high capital spending,\"\n  - \"an increased interest burden.\"\n- The report calls for implementing \"a comprehensive set of reforms to reduce fiscal, debt, and external vulnerabilities, and strengthen economic resilience.\""
    },
    {
      "heading": "Debt distress assessment",
      "content": "- The Maldives has \"a high risk of external debt distress and a high overall risk of debt distress.\""
    },
    {
      "heading": "Inflation and subsidies",
      "content": "- \"Inflation has risen but is relatively contained due to price subsidies.\""
    },
    {
      "heading": "Financial sector and stability",
      "content": "- The report recommends that \"financial sector policies should remain vigilant to safeguard financial stability\" because of:\n  - \"the large exposure of the banking sector to the sovereign,\"\n  - \"the expiration of pandemic-related lending support schemes.\""
    },
    {
      "heading": "Policy recommendations and opportunity",
      "content": "- The ongoing economic recovery provides an opportunity to \"swiftly implement a comprehensive set of reforms\" targeting:\n  - fiscal consolidation and public financial management,\n  - government debt management and external debt reduction,\n  - measures to strengthen resilience against external shocks.\n\nSource: Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives\n\n---\n\n Content in this bundle\n\n- 1mdvea2023002\n  - 1mdvea2023002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mdvea2023002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 11, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400258633.002",
    "Economic activity \"rebounded strongly from the pandemic-induced contraction,\" supported by the authorities’ \"decisive policy measures.\"",
    "Risks to the outlook are \"tilted to the downside,\" including:",
    "Upside risk to growth: \"A resumption of tourist arrivals from China.\"",
    "Fiscal and external vulnerabilities remain elevated due to:",
    "The report calls for implementing \"a comprehensive set of reforms to reduce fiscal, debt, and external vulnerabilities, and strengthen economic resilience.\"",
    "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.\"",
    "The report recommends that \"financial sector policies should remain vigilant to safeguard financial stability\" because of:",
    "The ongoing economic recovery provides an opportunity to \"swiftly implement a comprehensive set of reforms\" targeting:",
    "**1mdvea2023002**"
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