The Maldives Economic Gateway is set to commence operations, Minister of Economic Development and Trade, Mohamed Saeed announced during a press conference at the President’s Office today. 

The Minister also addressed criticism from the opposition regarding the bunkering service introduced by the current Administration, stating that the Government’s goal is to position the Maldives as a key player in the bunkering services sector.

Minister Saeed highlighted that, for the first time, an off-port area has been established in the Maldives, allowing for the initiation of the bunkering service. He emphasised that progress in any sector requires a starting point and assured that the service has the potential for expansion. According to the Minister, since the bunkering service began on September 18 last year, the State Trading Organisation (STO) has facilitated transactions for two shipments, with preparations underway for an additional shipment.

The Minister noted that one of the primary challenges for the Maldives is the lack of commercial ports to support such services. He explained that while resources for this service exist in other countries, the Government is actively working to secure land, establish fuel storage facilities, and develop ports to enhance the service. He also pointed out that having proper infrastructure on land would provide greater convenience for both service providers and incoming vessels compared to conducting such activities at sea.

Efforts to promote the Maldives as an international bunkering hub are already in motion, with STO offering services to vessels operating in both the northern and southern regions. Additionally, the Minister confirmed that work on the Maldives Economic Gateway is progressing.

Addressing economic concerns, Minister Saeed stated that one of the biggest challenges was the financial situation inherited by the current Administration. He reported that when President Dr Mohamed Muizzu took office, MVR 8 billion had been printed, and the national debt stood at MVR 125 billion, with the previous government accounting for 60 per cent of this total. He further noted that state-run companies also faced a combined debt of MVR 9 billion.

Despite the high levels of debt, he claimed that no sustainable sources of revenue had been established by the previous administration. He credited President Dr Muizzu for preventing a financial crisis, describing it as one of his key achievements in stabilising the country’s economy.