Speaker of the Parliament and former President Mohamed Nasheed has called on the government to restructure the debt as he expressed concern over the economic uncertainty looming over the country.
Speaking at the parliament today, Nasheed said that he had gone against the MDP Parliamentary group’s whip line as he feels the fellow members of Parliament have been unable to hold the government accountable for the current economic uncertainty. Nasheed also warned that being too overly supportive of the administrations has caused some nations to go bankrupt in the past.
Nasheed noted that between 2012 and 2018, state-owned companies had mostly taken commercial loans and bond market loans and that most of these loans must be repaid this year and next. He criticized the current administration’s willingness to take more loans to pay off debts, which goes against the MDP manifesto. Moreover, Nasheed said he believes the most important thing is for the government to restructure the debt and called on the administration to take the necessary steps as soon as possible.
President Ibrahim Mohamed Solih stated that the Maldives’ economy is on a positive path, announcing that the country’s nominal Gross Domestic Product (GDP) is expected to surpass MVR100 billion in 2023 and GDP growth at 13 percent. Furthermore, he also assured that the usable reserve of the country is at an optimal level and will reach pre-pandemic levels by the end of the year.
