Minister of Economic Development and Trade, Mohamed Saeed, has launched a scathing critique against former Finance Minister Ibrahim Ameer, identifying him as the primary figure responsible for the Maldives’ current economic challenges.

During a press conference held at the President’s Office, Saeed responded to remarks made by Ameer during an MDP-hosted panel discussion titled ‘Dollar-less.’ Saeed asserted that the former minister possesses no standing to criticize the current economic situation, arguing that the nation’s financial downturn occurred under his direct supervision.

Saeed described Ameer as the ‘mastermind’ behind the previous administration’s fiscal policies under former President Ibrahim Mohamed Solih. He suggested that it is disingenuous for the former official to now distance himself from the consequences of his own tenure while addressing the public from a different platform.

Furthermore, Saeed highlighted the contradictions within the opposition, noting that Ilyas Labeeb—who joined Ameer on the panel—had once been a vocal critic of the administration’s decision to print money. Saeed reminded the media that both the opposition at the time and the former Governor of the Maldives Monetary Authority (MMA), Ali Hashim, had expressed grave concerns regarding the risks of excessive liquidity.

The Minister concluded by stating that the current administration inherited a ‘bleak’ and ‘perilous’ debt-ridden economy. He emphasized that the government must exercise extreme caution during its initial two years to navigate the damage caused by past devaluations of the Maldivian Rufiyaa against the US Dollar.