Economic Minister Mohamed Saeed has expressed concern that some people want the Maldives to go bankrupt, while saying the government is confident the country’s dollar shortage and other economic difficulties can be overcome.

Minister Saeed made the remarks in a video message released by the ministry yesterday.

He said he was confident that the Maldives would be brought to a more secure position through the measures initiated by President Dr Mohamed Muizzu.

Minister Saeed said the government had repaid the final instalment of a USD150 million Treasury bill facility obtained from the State Bank of India (SBI) in 2019, during the administration of former President Ibrahim Mohamed Solih.

The government repaid the final USD50 million instalment on Thursday. Following the repayment, rumors circulated that the government did not have sufficient funds to purchase essential goods, including fuel, gas and medicines.

Minister Saeed said such claims were being used to create suspicion and undermine public and market confidence.

“I can assure you that, hopefully, there will be no difficulty or obstacle in purchasing any essential commodities or basic goods, including oil, gas and other necessities. God willing, the Maldives has sailed through without being caught up in any of these difficulties,” he said.

“Insha Allah, it will continue in the coming days.”

Minister Saeed also said repayments on some loans from the Chinese government and the Abu Dhabi Fund for Development (ADFD) had been deferred.

“We are talking about many inherited loans,” he said.

Minister Saeed said one of President Muizzu’s top priorities was to ensure that the state did not default on its debt and that the country’s sukuk obligations were repaid.

He said the government had repaid the largest sukuk issued in the country’s history on time and that the country’s rating had subsequently improved.

“So the country is overcoming major challenges day after day. We are overcoming and succeeding. So I am worried that there are always people who wish for this country to go bankrupt,” he said.

Minister Saeed also criticised reports in English-language media suggesting that tourists would stop visiting the Maldives.

He said a decline in tourist arrivals and investment would ultimately affect the Maldivian public.

“For all. Things like this are not done in any country or any democracy. Even political oppositions in other countries cooperate when something can help boost their economy,” he said.

Minister Saeed said differences of opinion were normal but questioned the benefit of making statements that could contribute to the country’s bankruptcy, and urged people to avoid doing so.

“There is no doubt that the President’s efforts to overcome the dangerous abyss into which the economy has fallen are not achieved by any previous president,” he said.