Saeed to Ameer: You are the mastermind behind Maldives’ debt trap

Economic Minister Mohamed Saeed, on Tuesday, responded to remarks made by former Finance Minister Ibrahim Ameer regarding the country’s economic state.

Speaking at a press conference held at the President’s Office, Minister Saeed accused Ibrahim Ameer of being primarily responsible for guiding Maldives towards the deep economic trenches it is currently facing.

Referring to comments made by Ameer during the "Dollar eh Nei" panel discussion organized by opposition Maldivian Democratic Party (MDP) at Artificial Beach last Sunday, Saeed said the former finance minister lacked the credibility to comment on the country’s economic difficulties.

"The Finance Minister under President Ibrahim Mohamed Solih's administration was the mastermind behind the country's debt trap. It was under his direct responsibility that the nation plummeted into this state. Today, he has simply changed his tune and is speaking from a different podium. Therefore, Ameer is the least qualified individual to engage in such discussions," Saeed stated.

Saeed further noted that Ameer’s performance had been criticized by members of his own party, the MDP, during the 19th Parliament. He also noted that Ilyas Labeeb, who participated alongside Ameer in Sunday’s panel discussion, had previously been among the most vocal critics of the former administration’s money-printing policy.

"At that time, Ilyas Labeeb consistently warned that the excessive printing of money had weakened the Maldivian Rufiyaa against the [US] Dollar and that the country might never recover from such significant losses. Ameer was the architect of this total design," the Minister added.

According to Saeed, the previous administration’s continued reliance on money printing drew warnings from opposition figures and then-Governor of the Maldives Monetary Authority (MMA) Ali Hashim over the potential consequences. However, Saeed alleged that Ameer failed to provide sufficient explanations or solutions at the time.

Saeed said that when President Dr Mohamed Muizzu’s administration assumed office, it inherited an economy facing what he described as a "bleak" and "perilous" debt situation. He added that the first two years of the current administration required careful management due to the economic circumstances.

Concluding his remarks, Saeed said the government is working to strengthen economic stability through measures including amendments to the Foreign Exchange Act and efforts to identify new sources of national revenue.