Minister of Economic Development, Transport and Trade Mohamed Saeed has said that the Maldives' current economic challenges largely stem from the previous Maldivian Democratic Party (MDP) administration's decision to print currency, maintaining that the policy continues to affect the country's economy.

Responding to questions in Parliament on Monday, minister Saeed said the current Administration had repeatedly warned against printing money while it was in opposition, arguing that such a policy would have long-term economic consequences. He added that the Government's focus is now on restoring economic stability without resorting to the same approach.

The Minister made the remarks in response to a question from North Feydhoo Member of Parliament Ismail Nizar, who asked about the economic impact of the previous administration's decision to print currency and the increase in State debt.

Minister Saeed said approximately MVR 8 billion was printed and injected into the economy during the previous administration, which he argued contributed to pressure on the economy and increased demand for US dollars. He also alleged that the decision lacked transparency and was not supported by international financial institutions, including the World Bank.

The Minister further said the previous administration left office with State debt exceeding MVR 120 billion, adding that no additional currency has been printed since President Dr Mohamed Muizzu assumed office. He said avoiding similar measures in the future would be essential to maintaining economic stability.