Ameer: Saeed not qualified to talk about debt, mismanagement pushed dollar to MVR 21

Former Finance Minister Ibrahim Ameer on Tuesday rejected Economic Minister Mohamed Saeed’s criticism of his role in the country’s financial situation, saying Saeed is “not qualified to talk about debt” and has caused unprecedented economic damage during the current administration.

Saeed, speaking at a press conference at the President’s Office earlier in the day, had described Ameer as the “mastermind” behind what he called the Maldives’ current debt trap. He argued that Ameer, who served as finance minister under former President Ibrahim Mohamed Solih, had no credibility to comment on the economic crisis, including the issues highlighted during the MDP’s “Dollar eh Nei” panel discussion held at Artificial Beach on Sunday night.

Saeed said Ameer’s policies had been criticised even within the MDP during the 19th Parliament, and noted that former Hulhumeedhoo MP Ilyas Labeeb, who appeared alongside Ameer at Sunday’s panel, had been one of the strongest voices warning against excessive money printing during the previous administration.

ވެރިކަމަށް 3 އަހަރު ވީއިރު ޑޮލަރެއްގެ އަގު 21 ރުފިޔާއަށް! ބޭރުން ޑޮލަރެއް ހޯދޭނެ ގޮތެއް ނެތްތާގައި، ހަޒާނާއިން ކުރަނީ ބޮޑު އިސްރާފު. އިންވެސްޓަރުން ތިބީ ސަރުކާރާ ފެޔަށް ޖެހި، މާލީ އިދާރާތަކުގެ އިތުބާރުވެސް މިވަނީ ގެއްލިފައި. ބޭންކު އޮފް މޯލްޑިވްސް ފުނޑާލައި، ރައްޔިތުންގެ… pic.twitter.com/PgEjC7SyV1

— Ibrahim Ameer ???????? (@iameeru) July 14, 2026

“Ilyas Labeeb repeatedly said the Rufiyaa had weakened against the dollar and may never recover from such losses. The architect of this entire design is Ameer,” Saeed said.

He added that the former administration ignored warnings from opposition figures and then‑MMA Governor Ali Hashim about the dangers of continued money printing. Saeed said President Dr Mohamed Muizzu’s administration inherited an economy with “bleak” and “dangerous” levels of debt, requiring careful management during its first two years.

Following Saeed’s remarks, Ameer responded on X, saying the dollar had climbed to MVR 21 during the nearly three years of the current administration, a sign, he said, of severe mismanagement. He accused the government of “wasting the state treasury” while failing to secure foreign currency inflows.

Ameer also alleged that the government was “destroying” the national bank, BML, and using public funds irresponsibly. He said the MDP administration had been able to raise money for debt repayments because investor confidence remained strong, whereas Saeed had failed to secure financing for almost three years.

“Saeed has destroyed the economy of Maldives. He does not know how to pay off debt or raise money for debt. This government does not know how to implement fiscal or economic policy according to the situation. Saeed is not qualified to talk about debt,” Ameer wrote.

Saeed, meanwhile, said the current administration is working to stabilise the economy through amendments to the Foreign Exchange Act and efforts to identify new sources of national revenue.