Minister of Economic Development, Transport and Trade, Mohamed Saeed has accused former finance minister Ibrahim Ameer of being the main architect behind the Maldives’ economic decline.

Minister Saeed made the remarks during a press conference held at the President’s Office, responding to comments made by Ameer at the Maldivian Democratic Party’s “No Dollars” panel discussion.

He said Ameer lacked the credibility to speak about the country’s current economic situation, claiming that the former minister had played a central role in bringing the economy to its present condition during the administration of former President Ibrahim Mohamed Solih.

Minister Saeed also criticised Ameer for appearing alongside individuals who had strongly opposed his economic policies during the 19th Parliament.

He recalled that MP Ilyas Labeeb, who participated in the panel discussion with Ameer, had previously warned that excessive money printing would weaken the Maldivian rufiyaa against the US dollar and cause lasting economic damage.

Minister Saeed further said Ameer had failed to provide an adequate response when the former Maldives Monetary Authority Governor, Ali Hashim raised concerns over the risks of printing money during the previous administration.

He said the current Administration inherited an economy in a concerning condition and is working to stabilise it by introducing amendments to the foreign exchange law and identifying new sources of revenue.