MDP played part in Maldives current condition: Economic Minister Saeed

Economic Minister Mohamed Saeed has said that opposition Maldivian Democratic Party (MDP) left behind a debt of MVR 125.2 billion when its government term ended in 2023.

“The debt created during President Ibrahim Mohamed Solih’s five-year term is larger than the total debt accumulated by Maldives in the previous 40 years,” Minister Saeed said speaking on PSM's Raajje Miyadhu program.

Saeed, who also served as Economic Minister during President Abdulla Yameen’s administration, said that by the end of Yameen's term in 2018, government reserves stood at USD 1 billion, and the Sovereign Development Fund had USD 250 million.

In contrast, Minister Saeed said that under the Solih administration, the 2023 state budget was raised to MVR 50 billion, and more money was printed to cover expenses; a move he claims weakened the Maldivian rufiyaa significantly.

When President Dr. Mohamed Muizzu took office in December 2023, state-owned companies reportedly owed MVR 9.1 billion to various parties. These companies included RDC, Fenaka, IAS, MTCC, and MIFCO.

Minister Saeed said that the biggest challenge inherited from the MDP government was the heavy debt burden.