Minister of Economic Development and Trade Mohamed Saeed has disclosed that the state was able to save USD 1 billion during the past six months. The Minister noted that this was the results of the measures taken by the state to recover the Maldivian economy.
Speaking at a program of PSM News, Minister Saeed highlighted that the Maldivian economy was deteriorating at a quick pace when President Dr. Mohamed Muizzu took to office. He added that the mismanagement of the state funds had led to irreversible damages. He stated that the current administration has been able to save USD one billion in six months and increased the sovereign development fund to USD 60 million.
Minister Saeed noted that the previous government had printed Maldivian rufiyaa worth USD 521 million within three years. He also noted the government debt was increased to a historic level during the past government’s five-year tenure and stated that these debts have not help increase government revenue but has led to the state-owned enterprises to go bankrupt.
The Minister of Economic Development and Trade went onto say that the ministry is working tirelessly to repay the debts and increase the state revenue, even with all the burdens it had to take on since taking office in November 2023. He added that the operation of the Development Bank of Maldives will stimulate the economy and increase state revenue.
The Minister also noted that the Financial Centre to be developed in Funadhoo is progressing steadily. He also highlighted that the bunkering service in the north will be commenced in September 12. He noted that these services will boost economic growth and highlighted that these development plans are being executed without defaulting on debt. Minister Saeed assured that the government will not allow the state debt to increase without control for a second time.