Saeed counters MDP’s planned protest with business-backed video

As the opposition Maldivian Democratic Party (MDP) prepares to stage a protest next week over rising commodity prices, Economic Minister Mohamed Saeed has released a video response featuring interviews with prominent businessmen to support his claims that the current economic challenges stem from the previous administration’s policies.  

In the video shared on X Tuesday evening, Saeed accused MDP leaders; particularly former rulers, of “undermining confidence in the national economy by targeting Maldivian businesses for political gain.” He urged the party to stop such actions and challenged the party to show what it had done to strengthen the economy during its time in power.  

Saeed reiterated that the MDP government’s decision to print money without sufficient dollar reserves triggered the current economic downturn. “As we are trying to fix it, even paying off some of the huge debt this nation is under, you are going to make another mistake,” he wrote in his post.  

ސިޔާސީ މަޤްޞަދެއް ޙާސިލްކުރުމަށްޓަކައި، ރާއްޖޭގެ ވިޔަފާރިތަކަށް ޓާގެޓްކޮށް، ޤައުމީ އިޤްތިޞާދުގެ އިތުބާރު ނަގާލަން MDP ގެ އިސްފަރާތްތަކުން، ޚާއްޞަކޮށް ރާއްޖޭގައި ކުރީން ވެރިކަންކޮށްފައިވާ ބައެއް ފަރާތްތަކުން ކުރާ މަސައްކަތް ހުއްޓާލަންޖެހޭ.
MDPއަށް ލިބުނު ފުރުސަތުގައި މިއިން… pic.twitter.com/en9gUq09Wj

— Mohamed Saeed (@em_saeed) August 4, 2026

The nearly eight-minute video included Saeed’s remarks alongside comments from business leaders. Ahmed Nasir, Managing Director of Lily Enterprises, said freight and oil price fluctuations caused by ongoing conflicts in the Gulf were driving costs higher, not government policy. He noted that freight for a 20-foot container from Arab countries had risen from MVR 1,600 to MVR 2,750.  

Alim Adam, HR and Admin Manager at MHA Pvt Ltd, said the company was maintaining stable prices for infant formula due to its partnership with Nestle'.  

Saeed said traders were cooperating with the ministry to keep prices steady despite challenges from dollar appreciation and global freight hikes. He added that the government had amended the Foreign Exchange Act to boost dollar inflows and repaid MVR 1.2 billion in loans to recover from what he described as “damages brought by the previous MDP government.”  

“President Muizzu is working to overcome this situation even under duress,” Saeed said, questioning what the MDP had done to improve the economy during its two terms in power.  

The video follows a similar one released Monday, after the MDP announced a protest against rising prices. Saeed’s earlier video compared commodity prices in Maldives with those in Singapore and India, arguing that local prices remain competitive.  

Maldives is currently facing record debt levels, and international agencies have forecast further increases in global commodity prices amid ongoing geopolitical tensions, including the Iran conflict that began on February 28.