- Low interest rates in global financial markets
- Govt. geared to run development projects
- Resources must be sought by the nations
President Abdullah Yameen Abdul Qayyoom has said that taking loans for development projects was a necessary aspect and that this was the most apt time to take loans to develop the nation.
Speaking in the ceremony held last night to mark the Golden Jubilee of Ibrahim Nasir International Airport held last night in Dharubaaruge, President Yameen said major nations and international bodies had of late refused to back the major development projects. The President said small nations such as the Maldives had to rely on loans to tackle the major projects.
President Yameen further said that loan interest rates currently were extremely low at this point. He said the trend is not expected to last in that vein for long and that we have to take the best use of the potential opportunities this had offered. The President said if we fail to take such opportunities, then we risk losing out on the development of the nation.
"The low interest rates, expenses will not last forever. If we fail to take advantage of such situations we will see situations like pizza buses come. While we deliberate on whether we want a pizza, the bus will pass us by. We don't want to be deprived of development," the President said.
President Yameen highlighted that as a small nation we have to seek out our development on our terms and find resources. He stressed that we do not have to solely rely on loans given by nations, adding that we have to develop the capital markets.
President Yameen noted that Maldives had to take part in the development race, that we have the determination to do so. He reminded that English experts had labelled our tourism sector model as a "non-starter", noting the sector had developed in spite of this to become the preferred destination for world.
"First world nations now do not give aid to the country like they did before. We get a fraction of it. Even our partner organizations invest a very minimal amount," the President said.
President Yameen added that assistance of organizations such as World Bank was vital and had recently held discussions with the body to start a initiatives. He assured that World Bank will remain as a development partner. The President also reflected on the purpose of increasing the nation's GDP, adding that if development can be facilitated then the incentives given to retirees can be increased to MVR 15,000.
