Ibrahim Ameer, the former Finance Minister, dismissed Economic Minister Mohamed Saeed’s remarks regarding his contributions to the nation’s financial state, asserting that Saeed is “not fit to discuss debt” and has inflicted unmatched economic harm under the current government.

Saeed, addressing a press conference at the President’s Office earlier today, referred to Ameer as the “mastermind” behind what he termed the Maldives’ ongoing debt crisis. He claimed that Ameer, who was finance minister under former President Ibrahim Mohamed Solih, lacked the credibility to speak on the economic crisis, particularly concerning the topics raised during the MDP’s “Dollar eh Nei” panel discussion at Artificial Beach on Sunday night.

Saeed mentioned that Ameer’s policies faced criticism even from within the MDP during the 19th Parliament, and pointed out that former Hulhumeedhoo MP Ilyas Labeeb, who joined Ameer at Sunday’s panel, was among the most notable voices cautioning against rampant money printing in the previous government.

“Ilyas Labeeb stated multiple times that the Rufiyaa had diminished in value against the dollar and might not bounce back from these losses.” "Ameer is the architect behind this entire design," Saeed stated.

He stated that the previous administration overlooked alerts from opposition leaders and then-MMA Governor Ali Hashim regarding the risks of ongoing money printing. Saeed stated that President Dr Mohamed Muizzu's government took over an economy with "grim" and "hazardous" amounts of debt, necessitating prudent management in its initial two years.

In response to Saeed’s comments, Ameer stated on X that the dollar had risen to MVR 21 over the almost three years of the present administration, which he claimed indicated significant mismanagement. He charged the government with “squandering the state funds” while not managing to attract foreign currency revenues.

Ameer claimed that the government was “ruining” the national bank, BML, and mismanaging public funds. He stated that the MDP administration successfully generated funds for debt repayments due to robust investor confidence, while Saeed had not been able to obtain financing for nearly three years.

“Saeed has ruined the economy of Maldives.” He lacks knowledge on how to settle debt or generate funds for debt. This administration is unaware of how to execute fiscal or economic strategies in line with the circumstances. “Ameer wrote that Saeed lacks the qualifications to discuss debt.”

Saeed, on the other hand, stated that the existing administration is focused on stabilizing the economy by amending the Foreign Exchange Act and finding new sources of national revenue.