THE EXTERNAL ENVIRONMENT
The adoption and implementation of policies to overcome the challenges posed by the macroeconomic environment require cooperation and commitment from stakeholders in the public and private sector. Formulating policies in an effective manner which addresses and reconciles the concerns of multiple stakeholders will prove to be extremely challenging, but will be an essential prerequisite to the successful implementation of policies.
IMPROVE MEDIA COMMUNICATIONS STRATEGIES
We plan to roll out our reform policies in tandem with proactive and finely calibrated media communications strategies; which will aim to reduce resistance to policies by building consensus among major stakeholders and the public at large.
FINANCIAL LITERACY ISSUES
Low levels of financial literacy among significant demographic groups limit our efforts to modernise and develop the financial sector in the Maldives and the establishment of a nation-wide electronic payments system.
INITIATE NATIONWIDE FINANCIAL LITERACY PROGRAMME
We plan to spearhead a nationwide financial literacy campaign in coordination with the government and other stakeholders to enhance financial literacy among the populace.
Data quality issues and gaps in the availability of data are expected to be a major impediment to the MMA’s research and analytical work, affecting the quality of information used in the policy formulation process.
TAKE THE LEAD ROLE TO ADDRESS DATA GAPS
We plan to take a lead role in initiating a nationwide effort to enhance the coverage and quality of available statistics. In this regard, we will advocate for closer coordination between agencies. In the short term, we will use appropriate statistical techniques to work around the data gaps by providing adequate technical skills to our staff.
High staff turnover and capacity constraints could also prove to be detrimental to the attainment of policy objectives.
FORMULATE A FINANCIAL SECTOR CAPACITY DEVELOPMENT PLAN
Implementing a comprehensive long-term human capacity building strategy is one of the key priorities of the MMA’s Strategic Plan. Based on a well-planned and realistic human capacity needs assessment, we plan to develop and implement a medium-term financial sector capacity development programme.
STRIKING THE RIGHT BALANCE BETWEEN DEVELOPING AND REGULATING THE FINANCIAL SECTOR
While strengthening the regulatory and prudential framework is undoubtedly important, we also believe that innovation and competition in the financial sector can only be fostered through concessions for the liberalisation of the sector. Striking the right balance between prudential concerns and liberalisation is expected to be an arduous challenge.
ENHANCE COMPETITIVENESS IN THE FINANCIAL SECTOR
We plan to foster competition in the financial sector by encouraging new establishments while investing heavily in infrastructure developments required for the industry. This is expected to provide a more level playing field across financial services providers.