Iran Conflict: Request submitted for 241 Committee meeting to discuss emergency preparedness
MP Mohamed Ibrahim highlighted that the escalating conflict in the Middle East is posing significant challenges to the Maldivian economy and tourism sector due to rising fuel and food prices. Expressing concern over the current state of the country's foreign exchange reserves, he requested a meeting of the Committee on Security Services to ensure proactive measures are taken. The member emphasized the urgency of discussing and implementing necessary strategies to mitigate the impact of this situation.
Mohamed Ibrahim (Kudoo), Member of Parliament for the North Galolhu constituency. | People's Majlis | People's Majlis
Mohamed Ibrahim, the Member of Parliament for North Galolhu, has formally requested a meeting of the Parliamentary Committee on National Security Services (241 Committee) to discuss emergency preparedness in response to the ongoing conflict in the Middle East.
In a letter addressed to Speaker of the Parliament Abdul Raheem Abdulla, Kudoo stated that the impacts of the ongoing conflict in the Middle East are beginning to be felt in the Maldives. He further noted several concerns regarding the country's current financial situation and economic stability, specifically highlighting the challenges in securing necessary funding for essential imports such as fuel, gas, medicine, and food supplies.
The member noted that the price of a barrel of crude oil on the global market currently stands at $112 and continues to rise. While the Maldives requires 330,000 barrels of oil per month, he highlighted that although the average monthly expenditure on oil was $30 million when the war began, this figure is now projected to climb to between $50 million and $60 million per month.
The member stated that at least $100 million is required monthly for total imports, including essential goods, while the usable reserves currently stand at $240 million. He further noted that this amount is only sufficient to cover approximately two and a half months of imports.
Furthermore, the member stated that the tourism industry has suffered a significant blow, with thousands of bookings being canceled daily. Consequently, the member requested a meeting of the Parliament's Committee on Security Services to gather information on these issues and to discuss the necessary precautionary measures to be taken.
