Minister of Economic Development and Trade Mohamed Saeed has announced that USD 30 million has been generated within just four months since President Dr. Mohamed Muizzu took office, with expectations for a significant increase by year-end. The minister made these remarks during an event held by the Progressive Congress coalition.
Addressing the gathering, Minister Mohamed Saeed expressed concern over the depletion of the Sovereign Development Fund's reserves during the previous administration. He revealed that while over USD 500 million was accumulated when the previous government assumed power, only USD 195 thousand remained at the end of their term. However, he assured that under President Dr. Muizzu's administration, over USD 30 million has been raised in just four months. He expressed confidence that, without external interference, the fund would accumulate USD 120 million by the year's end.
Critiquing the policy of money printing adopted by the previous government after amending the law, Minister Saeed clarified that while the current administration could exploit the same advantage, it was not the approved policy. He acknowledged the president's efforts to strengthen the Maldivian currency relative to the USD by providing guidelines to the Economic Council.
The Maldives Monetary Authority (MMA), the country's central bank, has revealed that the previous administration printed USD 532 million after amending the law.