Saeed: If government was not won in 2013, country would have bankrupted

Economic Minister, Mohamed Saeed has said that it is a great fortune that the current government got elected in the 2013 Presidential Election and otherwise, the country would have bankrupted.

Responding to the criticism from the oppositions regarding the credit rating of the Maldives at the Government Proficiency Committee of the Parliament yesterday, Minister Saeed said that even those currently invested in the Maldives are welcoming the credit rating.

The Minister said that it was after the B2 position credit rating was announced that BML, local investors and the high number of Singaporean investors said that the Maldives is finally being represented as a country on the international stage.

Credit Rating is indicates the risk level of the investing environment of a country and is used by investors when looking to invest in particular jurisdictions.

Minister Saeed said that the loans which were acquired by the MDP government at 18 percent interest are being acquired by today’s government at 1.75 to be repaid in 25 years.

President Abdulla Yameen Abdul Gayoom has also previously said that the government is seeking foreign aid for projects during months of low cost of capital.

The President said that the low cost in the funding acquired internationally are in favor of the Maldivian people and it would not always remain as such. And seeking funds in a period of low cost of capital is a great fortune to the people of Maldives.