Gov’t will Intervene if Product Prices Increase Too Much, Says Minister

Minister of Economic Development and Trade Mohamed Saeed said yesterday evening that if product prices in the market increase too much, the government will intervene and has already formulated a policy to address this issue.

Speaking at the “Ahaa Forum,” hosted by Public Service Media, the minister said the government will intervene if product prices skyrocket. The forum, which means “Ask,” encourages the public to pose questions directly to the authorities. Saeed said measures had already been taken under the instruction of President Dr Mohamed Muizzu to ensure product prices remain low so the public will not feel the burden during the upcoming month of Ramadan.

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Saeed noted that last year’s Ramadan saw the most effective control over the prices of goods. He highlighted that the government had also established a special council to address this issue.

Referring to a World Bank report published last year, which predicted that inflation in the Maldives would rise above seven per cent this year, Saeed stated that proactive measures taken by the government have kept it at three per cent. A seven per cent inflation rate would have been the highest in the country’s history.

According to Saeed, this was achieved by maintaining stable prices for essential commodities. He assured that the government would always ensure the availability of necessary products.

“If the products cannot be brought in via a sea route, we will air freight them. Our aim is to intervene whenever prices start to rise,” Saeed explained in Dhivehi.

He added that business owners are urged not to increase prices during Ramadan and should approach the government if they face challenges with imports. He encouraged them to seek assistance from the Business Council for any import-related issues.

The Ahaa Forum was also attended by Minister of Higher Education Dr Ali Haidar Ahmed, Minister of Social and Family Development Dr Aishath Shiham, Minister of Tourism and Environment Thoriq Ibrahim, and Minister of Islamic Affairs Dr Mohamed Shaheem Ali Saeed. This was the fourth forum in the series, an initiative launched by President Muizzu.