Former President Abdulla Yameen Abdul Gayoom has predicted that the total debt by President Mohamed Muizzu’s administration will reach MVR 90 billion, including the borrowing over the next two years.
Speaking at a rally held by the People’s National Front (PNF) on Sunday night, Yameen criticized government supporters who claim that Muizzu’s target is settling the debts inherited from previous administrations.
Citing figures presented by auditing and accounting expert Ismail Zariyand during the meeting, Yameen noted that the debt added by the current administration is expected to reach MVR 57 billion by the end of this year.
"There are still two years ahead. [If Muizzu remains in power], it is plausible that this figure could rise to 80 or 90 billion," Yameen said.
"This is because the current government is focused solely on spending. They are spending under various pretexts, yet there is no evidence of any substantial or productive work being achieved."
Yameen challenged the government to respond to the financial and economic concerns raised at the PNF rally with verified statistics and figures.
"Challenge the math with math," he remarked.
During the rally, Zariyand noted that the total state debt stood at approximately MVR 130 billion when the current administration took office. He further highlighted that the previous MDP administration alone had added MVR 60 billion to the national debt.
Additionally, Zariyand claimed that due to a failure to secure the necessary funds for budget financing, a significant backlog of unpaid bills to private contractors has accumulated and remains "frozen" at the Ministry of Finance.
