{
  "title": "Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives",
  "publication": "IMF Staff Country Reports, May 13, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/05/10/maldives-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548770",
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  "summary": "The 2024 Article IV Consultation highlights that despite headwinds from the war in Ukraine, the Maldives’ economic recovery from coronavirus disease 2019 pandemic has shown resilience. Real gross domestic product growth is estimated to moderate to 4.4 percent in 2023, before gradually rising to 5.",
  "sections": [
    {
      "heading": "Economic performance and outlook",
      "content": "- Real gross domestic product growth is estimated to moderate to 4.4 percent in 2023.\n- Real gross domestic product growth is projected to rise to 5.2 percent in 2024.\n- Recovery from the coronavirus disease 2019 pandemic has shown resilience despite headwinds from the war in Ukraine."
    },
    {
      "heading": "Fiscal, external, and public debt vulnerabilities",
      "content": "- Discussions focus on comprehensive policy reforms to:\n  - address fiscal vulnerabilities,\n  - stem rising balance of payments pressures,\n  - safeguard financial stability while supporting sustained strong and inclusive growth.\n- Front-loaded fiscal adjustments are urged to reduce vulnerabilities and restore sustainability of public finances."
    },
    {
      "heading": "Monetary and macroprudential policy recommendations",
      "content": "- Tighter monetary and macroprudential policies are recommended alongside fiscal adjustment.\n- Adopting macroprudential policies will help mitigate systemic risks stemming from the sovereign-bank nexus.\n- Financial sector oversight and crisis management should be further enhanced."
    },
    {
      "heading": "Climate, institutions, and mobilizing finance",
      "content": "- Strengthening institutions to support climate adaptation and mitigation efforts is crucial.\n- Mobilizing climate finance is identified as a key priority to support climate-related measures."
    },
    {
      "heading": "Structural and governance reforms for inclusive growth",
      "content": "- Improving the business climate is recommended to support strong and inclusive growth.\n- Addressing governance and corruption vulnerabilities is highlighted as necessary.\n- Enhancing skill development is recommended to support inclusive growth and labor market needs.\n\nSource: Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives (IMF), May 13, 2024.\n\n---\n\n Content in this bundle\n\n- 1mdvea2024004\n  - 1mdvea2024004 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mdvea2024004 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 13, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400275920.002",
    "Real gross domestic product growth is estimated to moderate to 4.4 percent in 2023.",
    "Real gross domestic product growth is projected to rise to 5.2 percent in 2024.",
    "Recovery from the coronavirus disease 2019 pandemic has shown resilience despite headwinds from the war in Ukraine.",
    "Discussions focus on comprehensive policy reforms to:",
    "Front-loaded fiscal adjustments are urged to reduce vulnerabilities and restore sustainability of public finances.",
    "Tighter monetary and macroprudential policies are recommended alongside fiscal adjustment.",
    "Adopting macroprudential policies will help mitigate systemic risks stemming from the sovereign-bank nexus.",
    "Financial sector oversight and crisis management should be further enhanced.",
    "Strengthening institutions to support climate adaptation and mitigation efforts is crucial.",
    "Mobilizing climate finance is identified as a key priority to support climate-related measures.",
    "Improving the business climate is recommended to support strong and inclusive growth.",
    "Addressing governance and corruption vulnerabilities is highlighted as necessary.",
    "Enhancing skill development is recommended to support inclusive growth and labor market needs.",
    "**1mdvea2024004**"
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