Yameen says Maldives’ economy is in peril and won’t recover during govt’s term

Former President Abdulla Yameen Abdul Gayoom says he does not see the Maldivian economy recovering within the remaining term of the current administration.

Speaking at a rally in Thinadhoo City held to mark the 60th anniversary of the resettlement of people in Thinadhoo, Yameen said the economy has slowed sharply over the past three years, and he does not believe the government will be able to reverse the decline in the next two years.

“We looked, but we don’t see anything this government can do to take this nation from where it is economically in the remaining two years. We should be able to see the results of the government’s efforts, but we don’t see the results,” he said.

Yameen described the current economic climate as one in which all Maldivians are in a difficult and unsafe situation.

He said he does not expect any positive change in the dollar rate in the next three months, nor in the first half of next year. Referring to the Public Accounts Committee’s recent decision to make it an offence to publicly report black-market dollar prices, Yameen said problems cannot be solved by banning information.

“The Finance Minister and the Central Bank Governor should come out and tell us how to solve this problem. We will be happy, and the people will be at peace. But instead of telling us this, the law bans everything,” he said.

On Wednesday, the Public Accounts Committee decided to amend the Foreign Exchange Act to criminalise the public reporting and advertising of black-market dollar prices, with fines of up to MVR 500,000 for such reporting, and up to MVR 1 million for overpriced black-market foreign currency dealers.

Following the decision, some foreign exchange counters in Maldives began selling dollars at the official rate.