Ameer requests to appear at parliament to clarify former govt’s fiscal policy

Ibrahim Ameer, who served as the Finance Minister during the last MDP administration, has appealed for the opportunity to appear before the Parliament to answer regarding the difficulties faced during the administration and the measures implemented to manage the economy amid ongoing accusations that the administration's alleged mismanagement has contributed to the country's current economic state.

Ameer, in a response to a post by ruling PNC lawmaker Ahmed Azaan on X regarding debt, said that the current administration has been using the 'former administration' as an excuse for the past two years, adding that it lacks a clear plan on how to move forward.

“Nothing has been resolved. There have been no notable achievements, and the situation continues to deteriorate. Despite the challenges faced by the former administration, its financial and economic policies were, for the most part, implemented correctly,” he added.

Ameer detailed that in 2020, the former administration was compelled to obtain MVR 12 billion in loans as the national economy declined by 33 percent due to the unprecedented challenges of the COVID-19 pandemic. He added, however, that by early 2022, the economy had rebounded with a 38 percent increase, performing even better than it had before the onset of COVID-19.

He also noted the former administration effectively navigated the economic challenges brought on by the Russia-Ukraine war, which began in 2022, ensuring minimal disruption to both citizens and businesses.

“Despite these difficulties, development projects progressed on the islands at a scale unprecedented in the history of Maldivian administrations,” he stressed.

As such, Ameer stated that out of the MVR 56 billion debt incurred during the former administration, MVR 19 billion was related to COVID-19, leaving MVR 37 billion in other debt. In contrast, he noted that the current administration has already exceeded MVR 37 billion in debt in less than two years.

“There is no one in the country who is seeing anything [the current administration] has done or a project that has been implemented. We overcame the difficulties we faced by saving the citizens and businessmen. By identifying the reforms which is required apart from this, and being prepared,” he said.

Ameer further stated that the former administration implemented its fiscal and economic policies without anticipating that the succeeding administration would be made up of, in his words, 'conniving and foolish individuals.' He added that the policies would have been designed differently had this been foreseen.

He appealed to appear before the parliament for further clarifications.  

In this regard, he stated that details of the fiscal and economic policies, the adjustments made in response to crises, and allegations related to money printing—among other issues—would be addressed during his appearance.

“The people need to be aware of the lies being told,” he added.

The current administration has initiated several projects to strengthen Maldives’ economy including commencement of bunkering service and the establishment of a development bank, which has yet to fully commence operations to date. Neither have yielded significant results.