FM Shahid calls to promote structural transformation needed to build a sustainable economy

In order to become the “true trustees” of the rich natural wealth for future generations, the nature must be respected and the structural transformation needed to build a stronger, more sustainable and resilient economy must be promoted, says Minister of Foreign Affairs Abdulla Shahid.

He made these remarks while delivering a message at the General Debate on the theme study on building back better from crises through regional cooperation in Asia and the Pacific, at the 77th Commission session of UN Economic and Social Commission for Asia and the Pacific (ESCAP) on Tuesday.

As such, acknowledging the “useful” recommendations presented in the report by ESCAP regarding challenges facing in building back better from the ongoing Covid-19 pandemic, FM Shahid shed light on the impacts of the pandemic on Maldives.

Highlighting that the pandemic brought the gaps in Maldives’ education and health sectors under the spotlight, FM Shahid noted that meeting priority needs is a challenge without structural changes to the country’s economy.

Stressing that the Maldives’ heavy dependence on a single sector -tourism- makes the country’s economy vulnerable to external shocks.

Further the minister went on to note that the tourism industry is the source of foreign currency to the Maldives, adding that the economy’s diversification is crucial to build resilience and build back better.

The 77th session of the ESCAP revolved around the theme, “Building back better from crises through regional cooperation in Asia and the Pacific.” UN-ESCAP is one of the five regional commissions under the jurisdiction of the United Nations Economic and Social Council.