Economic Minister highlights positive economic progress

Minister of Economic Development and Trade Mohamed Saeed has expressed confidence that the government’s efforts to stabilise and revitalise the economy are beginning to yield positive results. He made these remarks during the launch of a project to expand Bank of Maldives (BML) ATM services nationwide. Reflecting on challenges inherited from the previous administration, Minister Saeed noted that it had left significant debt, a struggling financial system, and had failed to establish assets to boost national revenue. Despite these obstacles, he emphasised that while the government has yet to embark on large-scale infrastructure projects, considerable progress has been made in stabilising the economy. The Minister highlighted that the Cabinet has convened more meetings in the past 52 weeks than in the previous five years. Additionally, over 100 Economic Council meetings have been held with the advice and guidance of President Mohamed Muizzu, underscoring the government’s commitment to economic reform. He also pointed to advancements in the financial sector, noting ongoing efforts to remove barriers for businesses. The Minister mentioned that services like PayPal are expected to be introduced next year, further enhancing the ease of doing business in the Maldives. Looking to the future, Minister Saeed predicted that the coming year would be transformative for housing, with several projects already underway and further business developments planned. “Next year will be a golden year for housing,” he stated, reaffirming the government’s dedication to economic growth and development.