As Ibrahim Nasir's second term was coming to an end, he decided not to seek re-election and, in June 1978, the Majlis was called upon to nominate a presidential candidate. Nasir received 45 votes (despite his stated intention not to seek re-election), with the remaining 3 votes for Maumoon Abdul Gayoom, a former university lecturer and Maldivian ambassador to the United Nations. Another ballot was called on 16 June. Maumoon received 27 votes, allowing his name to be put forward as the sole candidate. Five months later, he was elected the new President of the Maldives, with 92.96% of the votes (he would be later re-elected five times as the sole candidate). The peaceful election was seen as ushering in a period of political stability and economic development in view of Maumoon's priority to develop the poorer islands. In 1978 Maldives joined the International Monetary Fund and the World Bank. Tourism also gained in importance to the local economy, reaching more than 120,000 visitors in 1985. The local populace appeared to benefit from increased tourism and the corresponding increase in foreign contacts involving various development projects.