Economic council to advise President

An Economic Council will be established to advise President Mohamed Waheed on “immediate measures” which can be taken to improve the Maldivian economy.

According to the President’s Office, the government made the decree to set up the council today (February 14). The Economic Council appointees will also assess the current state of the economy.

The members of the council will be announced at a later date.

The principle economy of the Maldives is tourism, accounting for almost 30 percent of Gross Domestic Product (GDP) and more than 60 percent of the country’s foreign exchange receipts. Indirectly it is believed to represent 70-90 percent of the economy.

Tourism brings in an estimated $325 million a year in revenue to the Maldives. The second biggest economy is fishing.