Minister Saeed Blames Former MDP Governments for Economic Crisis

Minister of Economic Development, Transport and Trade Mohamed Saeed has accused previous Maldivian Democratic Party (MDP) administrations of causing lasting damage to the country’s economy, during exchanges in Parliament today.

South Hulhumalé MP Dr Ahmed Shamheed questioned government policy on state involvement in private business and raised concerns over challenges in addressing the US dollar shortage.

In response, Saeed attributed the current foreign currency situation to past economic policies under MDP-led governments. He said the issue stemmed from decisions including the suspension of laws and monetary expansion measures, which he argued contributed to structural weaknesses in the economy.

Saeed said the country had faced similar challenges during two previous periods of MDP governance, alleging that economic mismanagement during those times had weakened national stability. He also criticised past governance practices, including claims of political interference in state institutions.

He further stated that previous administrations had implemented controls on the dollar exchange environment, which he said had long-term economic consequences. He added that warnings had been issued at the time by various parties, including international stakeholders, against certain monetary practices.

Saeed said the government’s current priority is ensuring food affordability and stability for the public. He noted that the Cabinet had approved bulk import arrangements through STO for selected fruits, vegetables and essential food items to help stabilise prices.

The exchange formed part of broader parliamentary discussions on economic policy, state intervention in markets, and ongoing currency pressures affecting import costs.