The Republic of Maldives originally the Maldives is an island located in in the Indian Ocean at the southern side of Asian island country. Geographically the island lies in the Southwest of India and Sri Lanka and covers an area of approximately 90,000 kilometers. Though the island is that wide, it is one of the most dispersed countries as well as the smallest in Asia with a population of 393,500 people. History and cultural of Maldives people are linked to the Indian subcontinent since the fourth century. Ever since the discovery of the island, strong commercial and cultural ties with Asia and Africa countries have been noticed. Though the state had established its relations with other nations, in 1897 the British invaded it subjecting the country under colonialism until the nation 1965 when the nation attained its independent.
Even though the country ach
...ieved its independent that early, economic development of the region has faced many problems. These problems have which in turn have caused the country to drag behind financial wise. This discussion aims at exposing the development challenges that the nation of Maldives has been subjected to from the time they attained their independent to the present date. Though the region exhibits many problems, unequal access to opportunities forms the major challenge to the development of the nation, for instance, inequitable distribution of education has facilitated the aspect of inadequate education or low standard education which in turn promotes unemployment in the country (Bank, Asian, p. 86). Poor education is a rampant problem in Atolls. Poor infrastructure network in the region obstructs the area from accessing centers of high economic activities. Lack of land to
put up small scale business has also played a role in ensuring that the nation development is questionable. All the challenges mentioned find their bases on uneven access to opportunities.
Following that the primary challenge of the Maldives is unequal access to opportunities, the government and the international community are doing all they can to save the Maldives agony.
The problem of uneven distribution of opportunities is undermined by macroeconomic instability and weak venture environment which lack protection for property rights. To address this issues, the government has devised a policy of strengthening the governance of the rule of law (Bank, Asian, p. 119). This measure defines both long term and short term objectives to curb the problem associated with different access to opportunities. Through the help of international community, the government of Maldives has stipulated some ideologies to help the situation in its country as it will be noted in the conclusion paragraph.
The government of Maldives with the aim of addressing the challenge of its financial sector has recently announced leading reforms in the financial sector. An example of a reform introduced by the government to sharpen the financial sector is the Maldives Banking Act that of 2010. The aim of this reform was to manage liquidity in the market and ease the pressure on the rate of exchange by letting the mean rate decrease within a percentage of twenty on all the regions of Maldives country. Though the government has instituted these changes, adoption of communist ideology also will serve the nation of Maldives good since it campaigns for a communist society which is structured under the common possession of means of productions and the
absence of social classes in a community.
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