Former President Yameen critiques President Dr Muizzu's economic approach: Warns against misuse of MMA Funds
Former President Abdulla Yameen, addressing a gathering of his political party PNF last night, has brought into focus the current state of the Maldivian economy with a focus on transparency and national prosperity.
He stated that he exposes the truth about the Maldivian Economy according to the statistics, not to fault the reign of President Dr. Muizzu, but due to the desire of the country's economy to flourish being his and the citizens' wish.
He further states that the Maldivian economy is not prospering, and the resource management strategies are under disorganized and inefficient principles.
While speaking in the congregation last night, he also pointed out that the statement from the current President Dr. Muizzu regarding the reimbursement of the loans over the past 7 months worth almost 13 billion Rufiyaa without the Liquidity Injections is questionable.
He explained and presented numbers that showed that statistics revealed by Dr. Muizzu was incorrect.
He stated that the government has earned 12 billion Rufiyaa up until now and the expenditure has surpassed 13.7 billion Rufiyaa, there was no explanation to where the balance 1.7 billion Rufiyaa came from.
The first thing that I have to say is that the conveyed prosperity of our economy is not there
stated former president Yameen
Yameen expressed that The Finance Ministry did not reveal information regarding the statistics of the economy, and that he had to inquire from MMA, and from that information, it reveals that the money was taken from MMA.
Moreover, up until November of last year, as an Advance to the Government, there is a loan of 1.7 billion Rufiyaa outstanding, taken by the request of the government.
However, that amount is now 14.7 billion Rufiyaa.
They borrowed money from MMA. That is considered printing money. They didn’t print and bring money from overseas. They took the money that was brought in and stored from overseas. So that is considered Liquidity Injections
he stated
He also went on to point out that this loan has to be paid within a few months, but the government of Former President Solih established rules that elongated the period of loan reimbursement.
Further explaining his opinion, he stated that even if President Dr. Muizzu states that they haven’t printed any money, taking money like that can be viewed in the same light.
He explained that Liquidity Injections can be banned in two ways, one is banning printing money, and the banning of borrowing money from MMA funds that are funded by the money rolled from the local businesses.
These methods mentioned bring about inflation equal to that of Liquidity Injections.
His comments highlight discrepancies in financial disclosures and underscore differing views on fiscal management strategies, sparking debates on economic stability and governance in the Maldives.
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