The government is to establish a development bank in the Maldives, and undertake a review of the economic policies.

President Dr. Mohamed Muizzu made the decision following recommendation from his Cabinet of Ministers.

During a cabinet meeting held on Sunday, several proposals were submitted by the ministries.

Some of the decisions reached following the cabinet meeting include establishing a development bank, following deliberations on a paper submitted by the Ministry of Economic Development and Trade.

The ‘Maldives International Financial Services Authority’ is to be established under constitutional powers granted to the president.

Muizzu tasked the Maldives International Financial Services Authority with drafting regulations for issuing Onshore Banking Operating Licenses and instructed the formation of a bill presented by the government, which will allow the establishment of International Financial Centers in the country.

Muizzu also decided to task the Bank of Maldives (BML) with introducing e-wallet services within a week, following discussions on a paper submitted by the Ministry of Economic Development and Trade.

With this decision, collaborations will be made with relevant bodies to gain access to PayPal and other e-commerce platforms.

The president has also decided to make the necessary arrangements to draft a bill on cybersecurity, which will be accompanied by initiating discussions with the United Arab Emirates (UAE) and Turkey on developing cybersecurity infrastructure and enhancing capacity.

Further, a decision was reached to conduct comprehensive deliberations at the Economic Council to explore potential avenues within the banking sector for financing housing and infrastructure development, as well as public low-interest loan schemes.

This decision was based upon a paper submitted by the Ministry of Housing, Land and Urban Development.

Muizzu also decided to hold further discussions with the development bank and other financial institutions to seek a solution for providing social housing loans through integrating government-announced loan schemes.

It was also decided to submit a refined proposal in future cabinet sessions to finalize the terms outlined in the loan schemes within the first 100 days of the administration, per the administration’s “Hafthaa 14” roadmap.