Many political analysts in Maldives believed that there is no significant change within the past three months of the new government. The political contributor of atollcounselor™ suggests that the changes are not that significant as our economy concerns. The contributor stressed that the changes that we see is not real changes that people wanted. “What they are doing is going after loans and spending that lending money without sound strategic measures” atollcounselor™ Contributor said with distressing voice. In terms of spending, some believes that the government is doing a good job by giving welfare money to the old people. By highlighting that the welfare contribution, the political contributor stressed that the welfare money may be a good start but he said that the the recognition of the state reserve is considerably central to the economy. “We don’t have that much money in our reserve and everybody knows that...what we are doing here is burrowing and spending this money without any future goals” the contributor said apprehensively.
As far as the global economy concerns the financial downturn will hit hard in every corner of the globe whether large or small economies. American financial market has slowdown since 2007 and still their economy is in downward spiral. Each dawn, the global news breaks with the liquidation of financial institutions and governments bail out schemes to save these institutions. The last we heard was the Royal Bank of Scotland in UK losing 41.1 billion dollar record loss. Indeed, Mr Brown’s government came with a rescue plan and guaranteed the institution with multibillion pound bailout program to save the RBS.
Besides, the other news that surfaced in Maldives was Bank of Maldives pulled out from local share market which is the only major local financial institution in Maldives where all our moneys are banked. The question is how could a government like us to bail out a multimillion dollar bank without a sound fiscal monetary institution. The monetary authority does not have any plans to rescue the businesses neither does the government have plans to save the broken economy from the global financial crisis.
The tough times are still a head; the tourism and the lending money is the only solution for the new government to embark on. But the tough question is how long the tourism will last and how much lending power we have as a new government?
Good points, but i dont see why giving money to the elderly people will be such a huge problem. There many stupid government run programs that lose money. So instead if we give some money to the elderly people and give them some dignity i see a much use of what ever money we have. even in term of economy, those money will be again spent and will flow back to the economy.
ReplyDeleteatollcounselor appreciates the comments and we respect your views and principles of freedom and we plea everyone to respect others views too.
ReplyDeleteFor the comment above; that’s also a good point but we take the country first not a group of people or individual. atollcounselor believes only fair and balanced democracy and we will continue to spread our message across the country with respect to socioeconomic agenda by dignifying every individual without marginalising them.