Vice President of the People's National Congress (PNC) Mohamed Saeed has expressed concerns about the current administration's management of loans, asserting that the projects implemented do not benefit the state.
During an exclusive programme on PSM News, Saeed highlighted the country's alarming debt situation, with external debt reaching approximately USD8 billion and the debt incurred by the current administration alone surpassing USD5 billion. He criticised the current government for accumulating a substantial debt without executing major projects that could generate revenue for the state, citing the prolonged Thilamale' Bridge project and the delayed development of Velana International Airport (VIA) as notable examples. He also cautioned that, VIA may only be completed by 2026 at the current pace, though the new administration is determined to expedite the project.
Additionally, Saeed accused the current government of diverting borrowed funds for political purposes rather than investing in income-generating projects. He also expressed concern about the significant debts of state-owned enterprises (SOEs), noting outstanding bills and alleging that some SOEs are being manipulated for political objectives.
Furthermore, Saeed highlighted the foreign policy of President-elect Dr. Mohamed Muizzu, stressing a commitment to the interests, development, and progress of the citizens. He also conveyed the new administration's dedication to collaborating with foreign investors to attract investments to the Maldives and enhance the country's economic prospects.