Economic Minister Mohamed Saeed defended the government's economic management before Parliament, responding to a no-confidence motion by Kendhoo MP Mauroof Zakir. He cited increased foreign currency releases at the official rate, a higher resort dollar-exchange requirement, port expansion, and larger strategic food reserves to argue the administration has improved the economy.
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This represents an 80 percent increase. Honourable Speaker, this 80 percent increase occurred within three years; when averaged out, it is a monthly increase of 97 percent—nearly a 100 percent doubling. So, which administration actually pr…
Honourable Speaker, despite the global situation and the dire economic outlook inherited from the MDP, we have saved this nation from insolvency. Even amidst the challenges facing businesses and the public, we have achieved a 100 percent i…
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Saeed noted that during the final three years of the previous MDP administration, Bank of Maldives (BML) released $1.75 million to the public at the official rate for various purposes.
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In contrast, he stated that $1.9 billion has been released to meet the diverse needs of the general public during the current administration's tenure so far.
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"This represents an 80 percent increase. Honourable Speaker, this 80 percent increase occurred within three years; when averaged out, it is a monthly increase of 97 percent—nearly a 100 percent doubling.
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He pointed to the amendment requiring resorts to exchange 20 percent of their dollar revenue and the decision to increase that requirement to 40 percent.
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He pointed to the amendment requiring resorts to exchange 20 percent of their dollar revenue and the decision to increase that requirement to 40 percent.
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Even amidst the challenges facing businesses and the public, we have achieved a 100 percent improvement
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Responding to a no-confidence motion submitted to Parliament by Kendhoo MP Mauroof Zakir, Saeed addressed the dollar appreciation issue by highlighting that the volume of foreign currency issued to the public at the official rate has increased since the current government took office.
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