Previous Governments Met Public Obligations While Repaying Debt: Riyaz Mansoor

Former Deputy Minister of Economic Development Riyaz Mansoor has stated that every administration is responsible for servicing state debt, noting that previous governments successfully fulfilled their obligations to the public while simultaneously managing loan repayments.

Speaking on RaajjeTV’s "TV Talk" program, Riyaz severely criticized the current administration’s economic policies.

Riyaz stated that the Maldivian economy is currently in ruins, leaving the public in a state of extreme vulnerability. He highlighted the difficulties citizens face in accessing essential medication and noted that international payments required for various purposes remain stalled. With such basic necessities left unaddressed, Riyaz questioned what actual progress or achievements the current administration could claim to have made.

Furthermore, noting that the value of the dollar in the local market has risen to record levels, Riyaz stated that this reflects the current reality of the hardships faced by the citizens.

However, Riyaz noted that despite these realities, the President continues to focus solely on the repayment of loans. He emphasized that while every administration is responsible for servicing state debt, previous governments have managed to fulfill their obligations to the citizens while simultaneously meeting those loan repayments.

The economy is in ruins, and the people are suffering. Essential medicines are unavailable, and making basic payments has become impossible. What exactly has this administration achieved? The exchange rate for the dollar has soared to record highs, reflecting the dire reality of the citizens' lives. Despite this, the President continues to boast about loan repayments. Previous administrations also managed debt, yet they still fulfilled their obligations to the people and provided essential services.

Former Deputy Minister of Economic Development, Riyaz Mansoor

Accusing the government of deceiving the public, Riyaz stated that despite their loud claims of providing services without taking out new loans, the reality is quite different. He asserted that it is not a case of the government choosing not to take loans, but rather that no financial institution or entity is willing to extend credit to them.

Riyaz further stated that international lenders are refusing to extend credit to the government due to a complete loss of confidence in the current administration. He noted that this has led to significant challenges in securing necessary state funding, resulting in the collapse of the entire economic system.