While government claims to have repaid $900 million in loans, it has simultaneously incurred $650 million in new debt: Shamheed

Member of Parliament for the South Hulhumale' constituency, Dr. Ahmed Shamheed, has stated that President Dr. Mohamed Muizzu’s administration is rapidly plunging the Maldives into debt. He noted that while the government claims to have repaid $900 million in loans, it has simultaneously incurred $650 million in new debt.

Speaking at Wednesday’s parliamentary sitting, MP Shamheed stated that while information regarding the national debt was previously provided on a regular basis, the current status of the debt remains unclear. He noted that the Public Accounts Committee is no longer receiving these details. Furthermore, MP Shamheed highlighted that the relevant authorities are also failing to provide regular updates on their official websites.

Member of Parliament Shamheed noted that the current administration is heavily promoting the claim that it has repaid $900 million in loans. However, he clarified that $650 million of that amount consists of debt incurred by the current administration itself.

MP Shamheed stated that while the current administration is making significant efforts to distort the reality of the national debt, it is actually under this government that debt is increasing at its fastest pace. He noted that while the state debt stood at 122 billion MVR at the end of the MDP administration, it has now surged to 160 billion MVR.

The PG Leader claimed that they have repaid $900 million in loans previously taken by the MDP administration. This statement will likely be broadcast repeatedly on television tonight for the public to see. However, what is the actual truth? The reality is that out of that $900 million, $650 million is debt incurred by this government itself, not by the MDP. Shall I provide the details? Of the $500 million, $250 million belongs to what they refer to as the "Sunny Side" bond. The remaining $400 million consists of a currency swap initiated by this current administration. Therefore, it is important to note that the state's debt data is information that is officially disclosed and updated every quarter.

Dr. Ahmed Shamheed, Member of Parliament for the South Hulhumale' constituency.

MP Shamheed stated that, given the current state of the nation, Public Service Media (PSM) plays a vital role and must provide the public with accurate information without distorting the truth. He further noted that between 140 million and 200 million Rufiyaa is spent annually on PSM to ensure the public receives transparent information that distinguishes fact from falsehood.

As I observed this assembly, I noticed that—just as I highlighted previously—only the falsehoods spread by Shujau are being edited into clips and uploaded to their TikTok accounts. My corrective remarks are never featured; they never make it onto their TikTok. Only Shujau’s so-called "facts" are showcased. Fallah provided a prime example of this today by claiming the MDP government owed $900 million. However, the $400 million currency swap was a short-term arrangement made recently by the Indian government at this administration's own request. Once that $400 million was repaid, they attributed it to the MDP government. This is exactly what Fallah stated just a few minutes ago. Furthermore, we must address the conduct of the state television. Should the channel broadcast these clips without any verification? Is this how Public Service Media fulfills its professional responsibilities?

Dr. Ahmed Shamheed, Member of Parliament for the South Hulhumale' constituency.

MP Shamheed stated that the MDP government was not responsible for the country's debt, adding that any attempts to distort this fact would be unsuccessful. He further noted that the public is now well aware of the reality of the situation.