Gov’t achieves unprecedented economic strengthening in one year

The Minister of Economic Development and Trade Mohamed Saeed has stated that the current government has worked to strengthen the economy in ways unparalleled by any previous administration over the past year. The Minister made these remarks at the inauguration of the Maldives Development Bank. Minister Saeed criticised the previous government, claiming it had undermined the economy over a five-year period. He asserted that challenges faced by the economy over the past 50 years were neglected by previous administrations but significant steps have been undertaken in the last year to address these issues. The Minister highlighted key measures, including reforms to tackle the foreign exchange crisis, addressing long-standing unsustainable and ineffective subsidies, and implementing initiatives to rationalise excessive political spending. Speaking about the Maldives Development Bank, Minister Saeed described its establishment by President Dr. Mohamed Muizzu as a pivotal step in revitalising the economy under a forward-looking policy framework. The bank will play a vital role in financing infrastructure projects, supporting private enterprises, and fostering economic growth and sustainability. According to Minister Saeed, the bank will become a cornerstone of the country’s economic framework. The Minister emphasised that significant work remains to ensure the bank’s success. He noted that the Maldives Development Bank will also help expand other financial services, such as investment banking, wholesale banking, asset management companies, hedge funds, maritime insurance services, and Islamic finance. Minister Saeed further announced that legislation on a Financial Centre will be presented to Parliament in the coming weeks to broaden the financial sector and promote a green economy. The proposed international financial centre will be developed with support from the Qatar Fi