Economic Minister Warns Against Misinformation Threatening National Economic Stability

Economic Development, Transport, and Trade Minister Mohamed Saeed has urged the public and political actors to stop spreading misinformation that could jeopardize the Maldives' economic stability. The Minister's warning comes in response to claims from opposition parties regarding a sharp increase in commodity prices. Addressing the allegations in a social media post, Minister Saeed specifically accused the Maldivian Democratic Party (MDP) of attempting to incite unrest. He suggested that these politically motivated claims were timed to coincide with the August 12 and 13 anniversaries, aiming to create panic among the citizenry. To refute claims of skyrocketing costs, the Minister provided a comparative analysis of fuel prices. Currently, petrol in the Maldives is priced at USD 1.04 per litre and diesel at USD 1.13. Minister Saeed noted that these rates remain considerably lower than in regional hubs; for instance, petrol in Singapore costs USD 2.65 and USD 1.21 in India. Diesel prices follow a similar trend, with Singapore charging USD 2.7 per litre. Minister Saeed emphasized that the current administration is working diligently to stabilize prices despite significant headwinds. He cited the ongoing conflict in the Middle East and the economic legacy of the previous government—specifically the printing of USD 518.8 million—which weakened the national currency. Defending the government's current trajectory, the Minister highlighted several strategic initiatives designed to revive the economy. These include the introduction of a residency visa system, the development of new townships, the attraction of large-scale foreign investments, and the launch of bunkering services. While acknowledging that these measures are unpopular with the opposition, the Minister challenged critics to move beyond rhetoric. He stated that if the government's strategies are unacceptable, the opposition should propose and explain viable alternative solutions rather than issuing irresponsible statements that trigger public anxiety.