28^th April 2009: The Minister of Finance and Treasury Hon. Ali Hashim addressed the 65^th Session of the United Nations Economic and Social Commission for Asia and Pacific today.

The Minister explained that Maldives being a small country with an economy largely dependent of the tourism sector is no exception to the impacts of the world financial crisis, that recent data indicates a 13 percent decline in tourist arrivals mainly due to the economic recession being felt in Europe and Japan and in many other parts of the world.

The Minister also stated that the consequences of climate change are likely to be particularly severe on key sectors including fisheries and agriculture and the environment. The Minister highlighted that the impending graduation of the country from the LDC status in December 2010, poses many more challenges and that it implies a new aid and fiscal environment, which will impact on basic service provision. He elaborated that the country will have to speed up its efforts to diversify the economy and its exports, improve the employment status of its large and growing young labor force and also consolidate domestic revenue to sustain social investments and the achievements of the last several years.

The 65^th session of UNESCAP is being held in Bangkok, from 23^rd to 29th April. The Session comprise of two segments; the ministerial segment from 27-29 April and the senior officials segment from the 23 – 27^th. In addition, the 10^th meeting of the Special Body of Land Locked and Least Developing Countries was held on the 24^th of April. Deputy Executive Director, Aishath Shahuda and Assistant Executive Director Mohamed Imad from the Department of National Planning represented Maldives at the senior officials segment. Dr. Hussein Niyaz, Executive Director, Ministry of Foreign Affairs participated in the 10^th meeting of the Special Body of Land Locked and Least Developing Countries.

The theme for the 65^th Session is,`Sustainbale Agriculture and Food Security for Asia and the Pacific’.