Economic Development and Trade Minister Mohamed Saeed has said the Maldivian economy is showing steady growth, with development projects progressing across islands nationwide.
In an exclusive interview with state media PSM, Minister Saeed stated that the government has already collected more revenue this year than the total revenue received in 2024, making 2025 the highest revenue-generating year so far. He added that the economy grew by 2.5 percent compared to the same period last year, with key financial indicators reflecting ongoing recovery and stability.
Saeed said that when President Dr. Mohamed Muizzu took office, he inherited a state debt of MVR 125 billion, along with depreciated currency due to the printing of MVR 8 billion. He also noted that the administration faced MVR 9.1 billion in unpaid bills and multiple challenges related to the country’s credit rating.
Despite criticism about a lack of visible development in some areas, Saeed dismissed such claims and said infrastructure and development projects are actively progressing in many islands. He reaffirmed that the President is committed to delivering on promises made to every island and city, with close involvement from the President’s Office and relevant ministries.
He added that the government's efforts will accelerate in the coming days, with projects continuing at a faster pace. Saeed also highlighted that economic progress is not solely driven by public sector projects but also by significant private sector activity—particularly in the tourism industry, where major investments are already underway.
In an exclusive interview with state media PSM, Minister Saeed stated that the government has already collected more revenue this year than the total revenue received in 2024, making 2025 the highest revenue-generating year so far. He added that the economy grew by 2.5 percent compared to the same period last year, with key financial indicators reflecting ongoing recovery and stability.
Saeed said that when President Dr. Mohamed Muizzu took office, he inherited a state debt of MVR 125 billion, along with depreciated currency due to the printing of MVR 8 billion. He also noted that the administration faced MVR 9.1 billion in unpaid bills and multiple challenges related to the country’s credit rating.
Despite criticism about a lack of visible development in some areas, Saeed dismissed such claims and said infrastructure and development projects are actively progressing in many islands. He reaffirmed that the President is committed to delivering on promises made to every island and city, with close involvement from the President’s Office and relevant ministries.
He added that the government's efforts will accelerate in the coming days, with projects continuing at a faster pace. Saeed also highlighted that economic progress is not solely driven by public sector projects but also by significant private sector activity—particularly in the tourism industry, where major investments are already underway.
