Minister of Economic Development and Trade Mohamed Saeed has stated that the Government has made significant progress over the past two years, particularly in stabilising the economy and restoring confidence in the Maldives’ financial position.

Speaking in an exclusive interview with MMTV, the Minister reflected on the condition of the country when President Dr Mohamed Muizzu assumed office. He said the Administration inherited heavy debts, severe cashflow constraints and the consequences of excessive money printing by the previous government.

Minister Saeed noted that the Maldivian Rufiyaa was at its weakest point against the US dollar at the time, while several State-owned enterprises were burdened with debt. He added that project monitoring mechanisms were lacking and that the previous administration had struggled to manage public finances.

The Minister also highlighted that, due to the economic slowdown, the Maldives’ standing in international markets had weakened and investor confidence had eroded. He said critics had publicly claimed the Maldives would face bankruptcy when the Administration assumed office.

“Confidence in the Maldives has now been restored, and there is renewed hope for the country in the global market,” Saeed said.

He added that these improvements were the result of President Dr Muizzu’s persistent efforts to strengthen the economy, describing the progress achieved as substantial given the challenges inherited by the Administration.