Government Assures Continued Supply of Essential Commodities, Says Saeed

Economic Minister Mohamed Saeed has assured the public that the Maldives will continue to have access to essential food, fuel and medical supplies following the government’s repayment of the final USD 50 million installment of a USD 150 million Treasury bill facility held by the State Bank of India (SBI).

Speaking to MMTV during the PNC Congress, Saeed said the government was prepared for different eventualities and had maintained uninterrupted supplies of essential goods despite shortages experienced in some countries in the region.

The minister said the Maldives would not face shortages of basic food items, fuel or cooking gas, adding that the government was managing the availability and prices of essential food commodities.

Saeed said the public had elected President Muizzu to find solutions to the country’s problems and argued that the government was working to prevent the Maldives from returning to previous economic difficulties.

The minister also pointed to investment activity as an indication of continued business confidence. He said investors and business leaders were discussing projects worth between USD 10 million and USD 12 million, which he said were actively progressing.

Saeed added that investors had expressed support for legal reforms and development policies being pursued by the government. He also referred to measures aimed at addressing the country’s foreign-exchange shortage, saying the public was increasingly recognising the importance of such steps.

The minister described the financial situation inherited by the current administration as severe and said the government had taken steps to address it.

Saeed also criticised the previous administration, led by the Maldivian Democratic Party (MDP), over its management of public debt. He accused the former government of leaving the country in a difficult financial position and said it had not provided a clear explanation of how the debt burden could be addressed.

The comments come as the Maldives continues to face pressure on its foreign-exchange position and public finances, while the government pursues measures aimed at strengthening the economy and meeting its financial obligations.

 The government settled the final installment earlier today, bringing the entire USD 150 million facility, obtained by the previous administration in 2019 to support the state budget, to an end.

The facility was structured through three Treasury bills. According to the Ministry of Finance, the present administration repaid USD 50 million in January 2024 and a further USD 50 million on 11 May 2026. The remaining USD 50 million was settled on its due date today.