Shihab told Haveeru that despite the challenges in implementing the state budget he is confident that he can lead the ministry. "This field is not new to me either. I have worked in the Planning Ministry and public-private partnerships. I was also the chair of the parliamentary Finance Committee and the Maldivian Democratic Party's (MDP) shadow Finance Minister," he said. The former Home Minister revealed that he would focus on developing the private sector in order to improve the country's economy. Importance will be given to the open market policy, as it is included in the manifesto of MDP and the government, he added. "Countries like India and China are economically advanced because they prioritise the private sector. Open market policy plays a very important role in economic development. I will do everything I can to develop the private sector," he said. Shihab stressed that the Maldives faces huge challenges due to the Eurozone economic crisis as the country is heavily depended on European countries. Shihab was appointed to the Finance Minister's post at a special ceremony held at the President's Office this morning. Shihab resigned as the Home Minister in late 2010 after the parliament rejected his reappointment to the post. He earlier served as a council member of Jumhooree Party but later joined the ruling Maldivian Democratic Party (MDP).