Economic Minister Muhammad Saeed have said that; Maldives is facing various economic problems today due to the loans taken by MDP government at a high interest rates.
Speaking at the government oversight committee of the parliament, Economic Minister Muhammad Saeed said that MDP borrowed loans at 17-18 percent interest rates that had to be payed within a short period of time. Minister said that however, the current administration is borrowing at an interest rate of 1.75-2 percent with a period of 20-25 years to pay back the loan.
“That is why I am saying that, the change of administration is a blessing by Allah. If not now the Maldivian state would be bankrupt due to these loans taken by MDP administration” said the Minister.
He further said that this government is working based on an economic policy and even global financial institutions have taken note of that.
“Which government took a decision to determine the fiscal state of the country? We have even done that. We have done an international credit rating. The international community is praising that decision. Even the international community knows that this government has set targets and is working hard to achieve those targets” said Muhammad Saeed.
Loans taken by MDP govt at high interest rates is main reason for economic problems : Saeed
