Minister of Economic Development and Trade Mohamed Saeed has expressed confidence that the ongoing dollar issue will be resolved within the coming months.
Speaking to reporters prior to the Invest Maldives Forum in Dubai, Minister Saeed attributed a significant cause of the dollar issue to the previous government's use of funds from the Sovereign Development Fund (SDF), originally earmarked for debt repayment.
Additionally, Minister Saeed highlighted the existence of a black market for the dollar, exacerbated by regional tensions in the Middle East and fluctuations in global oil prices. He emphasised the imperative to mitigate reliance on the black market, aiming to rectify the dollar issue within a timeframe of two to four months.
The Ministry of Finance affirmed the government's efforts to bolster the economic and financial landscape of the Maldives, alleviate debt burdens, and streamline access to foreign currency. Assurances were given regarding the government's determination to surmount the financial challenges inherited upon assuming office, fostering a positive economic transformation and enhancing the populace's prosperity.
Minister Saeed also projected a 5.5% growth in the Maldivian economy for the current year, buoyed by a notable surge in tourism over the past six months. He underscored the continuity of all economic endeavors and disclosed that over half of the outstanding MVR 7 billion owed to businesses had been disbursed. With such measures in place, he expressed optimism in steering the nation's economy towards improvement.