President Waheed announces coalition

President Dr. Mohamed Waheed Hassan Manik has last night announced the Forward with the Nation coalition’s economic policy.

The President made a number of pledges at the announcement ceremony held in Nasandhura Palace Hotel. He explained the coalition’s economy policy would focus on three major areas; improving economic policies, increasing jobs opportunities and expanding small business with emphasis on increasing exports.

He pledged to decrease next year’s budget deficit to 3 percent and ensure that economic growth does not dip below 7 percent during the next 5 years, in order to bring the budget to a surplus by the end of the term.

He said that the coalition has planned a number of efforts to increase job opportunities and said that they will establish an unemployment benefit scheme and conduct special programs to make it easier for qualified persons to find appropriate jobs.

He also said that they will allocate a large portion of the tourism tax to advertise Maldives in the international arena and promised to establish three international airports and seaplane hubs in different areas around the country. He also pledged to increase the number of resorts and improve the country’s boat building industry.

With regard to expanding small businesses with emphasis on increasing exports, Dr. Waheed said that the coalition government will establish a credit guarantee scheme to provide financial loans necessary for small businesses to grow, and that these loans will not require a collateral. He also pledged increased efforts to market Maldivian products.

Answering a question by Sun at the Q&A following the ceremony, Dr. Waheed said that the current economic situation is too severe for more taxation and that his coalition government will abolish the income tax altogether. He also promised to review the current criteria of eligibility for subsidies.