Former Finance Minister Ibrahim Ameer has warned that the government's policies will result in the collapse of the economy.
Speaking at a press conference held by the opposition Maldivian Democratic Party (MDP) on Monday, Ameer said the government's incompetence and unrelenting policies are causing serious damage to the economy.
He mentioned the lack of funds for the budget and expressed concern as Maldivian businesses were bearing the burden of the government's failure.
"So far, we have seen companies going bankrupt. The government's policies are in a way that the economy will collapse," he warned.
Ameer said the government ended last year with a large amount of debt owed to private companies. He added that companies will face more losses if funds are not raised for the budget this year.
"The government had to raise USD 500 million for last year's budget. They failed. So all the pressure is on Maldivian businesses. The government ended last year with a debt of MVR 7 billion owed to the local businesses. This year, the government has to raise USD 430 million in loans and USD 120 million in grants," he said.
Ameer also criticised President Dr. Mohamed Muizzu's decision to use funds from the state reserves for his flagship Rasmale' project.
"I don't believe that the MMA's usable reserve can be utilised this way. The money is not being given to the government. It is given to the companies to reclaim Rasmale'. Why should the government order advance payment for the Rasmale' company? Then, MMA might end up paying all private companies in the Maldives."
