The International Monetary Fund (IMF) has commended the Maldives for its fiscal reform efforts.

A mission from the IMF visited the Maldives from January 23 to February 6 to discuss recent economic developments and policy priorities. The fourth volume of the Economic Development Outlook published following the visit commended the Maldives for several actions taken to overcome the economic difficulties faced by the country.

The IMF noted the government's decision to strengthen the subsidy and Aasandha system for the most needy, the government's decision to formulate an order of priority for PSIP projects, and the measures to strengthen state-owned enterprises.

The report, led by IMF Economist Piyaporn Sodsriwiboon, welcomed the decision to stop printing money, which is the root cause of the country's economic downturn.

The report also noted that the Maldivian economy expanded by 13.9 percent in 2022 and is estimated to grow by 4.4 percent in 2023. It further states that growth is projected at 5.2 percent in 2024, owing to the expectation of increased tourist arrivals.