Minister of Economic Development and Trade Mohamed Saeed has highlighted the achievement of stabilising the dollar rate, attributing this success to the proactive actions facilitated by President Dr. Mohamed Muizzu.
In a recent post on social media, Minister Saeed underscored a significant change from the economic instability witnessed at the inception of the current administration, crediting President Dr. Muizzu's decisive measures for driving progress. Despite encountering challenges such as the onset of Ramadan, Umrah pilgrimages, and heightened imports, Minister Saeed highlighted the commencement of dollar rate stabilization as a promising development, expressing optimism for further declines bolstered by forthcoming strategies.
Moreover, Minister Saeed reiterated the government's steadfast commitment to stabilising the exchange rate within the current year. He pinpointed the diversion of funds from the Sovereign Development Fund (SDF) by the previous administration as a key factor exacerbating the dollar issue, citing its redirection towards national debt repayment.
Furthermore, Minister Saeed noted President Dr. Muizzu's pledge to foster economic expansion without resorting to money printing or accumulating debt. He disclosed data from the Maldives Monetary Authority (MMA), indicating a notable reduction in money printing under the current administration, coupled with a firm decision not to extend the legislative amendments introduced by the previous government.
The current administration is resolutely focused on addressing economic and fiscal challenges, relieving debt burdens, and ensuring accessibility to foreign exchange. President Dr. Muizzu remains unwavering in his commitment to guiding the nation towards economic recovery and prosperity, assuring citizens of positive transformations despite the initial financial hurdles encountered upon assuming office.