The government has established a “National Task Force on Resilience Building and Economic Recovery” to respond to the adverse impacts of Covid-19 on the country’s economy.

President Ibrahim Mohamed Solih made the announcement during a meeting of the Cabinet Ministers on April 13.

The task force will respond to the adverse impacts of the pandemic on the country’s economy, society and livelihood of the citizens and is part of the preventative and precautionary measures being implemented by the government to safeguard the people from the pandemic.

It will be operated under the President’s instructions and will be directed to facilitate speedy economic recovery through a recovery model, by inviting recommendations and support from relevant stakeholders to expedite recovery models.

Further, the task force will also be tasked with the responsibility of acquiring funds for recovery plans. The government hopes that public sector (including SOEs), private sector and civil societies will “collaborate towards this common goal”.

The task force will be operated under three main working groups, they are;

Tasked with the reprioritization of the state budget for 2020 and evaluation of new expenses that the government may expect in the face of the pandemic, this group has the responsibility to evaluate and predict changes to state expenditure, assessing the amended financial requirements and facilitating easier and swifter acquisition of funds through bilateral, multilateral and other activities. The group will be directed to proceed under fiscal and monetary policies and will be mandated with negotiating to ease the repayment of terms of the current state loans.

Mandated to restore the Maldives economy and investigate and consecutively resolve the several hindrances facing companies, small to medium business owners and freelance workers due to the precautionary measures being implemented to curb the spread of the pandemic, this group will be planning, evaluating and providing relief packages from the Government, planning and implementing a “stimulus package” to aid new business ventures, providing a “benefits scheme” to support those who have lost their employment, as well as developing means to stimulate the job market.

The group is mandated to determine the guidelines, strategies and timelines to re-initiate regular economic activities related to tourism and other industries under the instructions of the health sector and determine alternative ways to increase economic ventures and promote such activities, swiftly.

Tasked with conducting social activities to protect the public from the adverse social changes and situations in the face of the pandemic, this group will be implementing measures in contradiction of possible mental health issues faced due to changes to employment status and way of living, protecting victims of drug abuse to cope during this time, protecting victims of domestic abuse, vulnerable children and ensuring that children's rights are being maintained as well as the rights of migrant workers. The group is also mandated to evaluate and improve the livelihoods of these migrant workers, for whom the group is to organize repatriation if requested.

The President’s Office noted that these directives are already being implemented through different institutions.

The aim of the “National Task Force on Resilience Building and Economic Recovery” is to collaborate with the different sectors of the country to come up with ideal and transparent solutions for all directives under its mandate.