Economy is in a stable condition, government incapable of managing it: MDP

Opposition Maldivian Democratic Party (MDP) has said that the Maldives' economy at present is in a better situation than it was in 2019. They alleged that the issue being faced currently is the Government's inability to manage the economy.

These comments were made in a press conference held yesterday by Ibrahim Ameer who previously served as Minister of Finance in MDP's administration.

Ameer said that although many are unaware, forecasts indicate that the Maldives' economy is stable. He said that when MDP had proposed the budget for 2024, they had estimated economic growth at 5.5 percent, but this has now decreased to 4.9 percent.

Ameer conceded that financial difficulties are being faced due to measures taken in response to the Covid-19 pandemic. He, however, maintains that the issues arising now are due to the incumbent government not being able to properly manage the economy.

"We are being misled in a bid to hide the levels Maldives' economy and financial situation has fallen to as a result of the government's mistakes and their incompetence in managing the economy and financial affairs over the past seven months," Ameer said.

Ameer stated that MDP's government had taken certain actions at the time which were necessitated due to the Covid-19 pandemic. He said that even then, they were aware that debt would increase, but the government at the time had had a plan to manage that.

"The plan was made with the view that we would win the 2023 Presidential Election. And even if we didn't win, we did not make the plan in consideration that an incompetent group of people would come to office," he said.

Ameer said that this government should, but does not have, the competence to rectify the current situation. As a result, he claimed, the incumbent government is making statements baselessly blaming the previous MDP government.