MVR 2 billion mismatch in President and Economic Minister's figures

Feb 20, 2024, 10:35 AM
Economic Minister Saeed and President Muizzu at ceremony held to announce airport development project. -- Photo: President's Office

Economic Minister Saeed and President Muizzu at ceremony held to announce airport development project. -- Photo: President's Office

A discrepancy of MVR 2 billion has been revealed between figures disclosed by President Dr. Mohamed Muizzu and Economic Minister Mohamed Saeed as the total amount of unpaid bills owed to contractors when the current administration took office.

The state's finances have severely deteriorated despite the Maldivian economy continuing to grow. Outstanding payments owed to fishermen and to contractors for government work have been long delayed. Protests over the non-payment have also been taking place.

President Muizzu has been speaking about the "inherited state of the economy" during his ongoing visit to the southern atolls. He spoke about it today in Gaaf Dhaal Faresmaathoda as well.

"When we took over, there were pending bills of MVR 9 billion, nine hundred million, nine billion Rufiyaa, when we took over government that the previous government didn't pay to the public," the President said today.

However, the figure revealed by the President was MVR 2 billion more than the figure provided by Economic Minister Saeed on January 24.

"There were about MVR 7 billion in unpaid bills when President Muizzu assumed office. Maldivian businesses very much faced the adverse effects of that," Saeed said at the time.

The President said today that the MVR 9 billion was owed for work done for various ministries and government-owned companies, of which there are more than 50. Businesses have always expressed concern over the failure to pay contractors.

"There was a debt of MVR 9 billion owed by the previous government to various Maldivian companies and the public. That is the inherited situation," President revealed the figure today while speaking about the state of the economy.

The government is trying to make payments and clear the bills, the President said today. Bills worth millions were paid to the public and various companies over the past three months after printing money was stopped.

The International Monetary Fund (IMF) has accepted the government's economic agenda and loans will be repaid alongside development in the coming days, the President said.

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