MMA Hosts Inaugural Research Conference to Foster Economic Growth
The Maldives Monetary Authority (MMA) has recently held its inaugural research conference with the goal of enhancing economic research and guiding sustainable policies. This two-day event focused on the theme “Policymaking and Innovation for the Expansion of Economic Research Towards a Sustainable Future.” It brought together researchers, government officials, and experts from various sectors to discuss the role of research in shaping the country's economic policies.
Opening Ceremony and Keynote Speakers
The conference kicked off with a grand opening ceremony attended by Dr. Mahmood Shaugee, Chancellor of the Maldives National University (MNU), who was invited as the chief guest. MMA Governor Ahmed Munawar, Dr. Shaugee, and the Deputy Governor of India delivered the keynote speeches. Governor Munawar shared his thoughts on the importance of using research to inform policymaking, stressing how crucial it is for developing strategies that can adapt to the changing economic landscape. Meanwhile, Dr. Shaugee discussed how government collaboration can help propel economic research forward and foster innovation.
Introduction of MMA Research Fund
One of the significant announcements during the opening ceremony was the launch of the MMA Research Fund, with an initial allocation of MVR 1 million. This fund is designed to support local and international researchers by providing financial assistance for their projects. Dr. Shaugee also revealed that the fund is open to donations from both domestic and foreign sources, ensuring that it can grow over time to support a broader range of research initiatives.
Memorandums of Understanding
In addition to the speeches, two memorandums of understanding (MOUs) were signed. The first MOU was with Malaysia’s Universiti Islam Selangor, aimed at strengthening ties between the two institutions in areas like economic research, education, and innovation. The second MOU, signed with Dhiraagu, focuses on using technology and innovation to advance the MMA's research efforts and contribute to a more sustainable future for the Maldives.
Panel Discussions and Research Presentations
Saturday’s sessions included two panel discussions. The first panel explored the rapid developments in financial technology and how they are influencing the Maldives’ economy. The second panel shifted focus to the impacts of climate change, specifically discussing the effects it could have on the Maldives’ energy production and consumption patterns in the future.
Throughout the day, three research papers were presented by local researchers. The first paper examined wealth inequality and inflation trends in the Maldives. The second paper investigated how the Goods and Services Tax (GST) has impacted consumer prices in the country. The third paper analyzed housing rental price trends in Malé, providing insight into the challenges facing residents in the capital.
Workshops and Closing Remarks
The conference concluded with a series of interactive workshops on Sunday, offering participants a chance to dive deeper into specific topics and collaborate with experts. These workshops were designed to foster knowledge-sharing and allow attendees to engage in discussions that could help shape future research directions.
This inaugural MMA research conference has proven to be a significant event in the country’s economic landscape, highlighting the importance of research in policy development and offering new opportunities for collaboration. With the MMA Research Fund and MOUs in place, the event marks a promising beginning for further strengthening economic research in the Maldives.