Economic Minister Mohamed Saeed has stated that the commencement of major development projects will be delayed due to the current economic situation in the country.
In an appearance on state media, Saeed explained that it typically takes about a year for a new government to stabilize and initiate significant projects. However, he noted that the current situation is more challenging due to the economic turmoil left by the previous administration.
Saeed mentioned that the previous government had left the country in an unexpectedly precarious economic state. As a result, considerable effort is required to address these issues, which means that major projects will take longer to start compared to similar initiatives undertaken in the Maldives.
He expressed optimism that the financial situation would improve after November of this year, which would facilitate the implementation of planned projects. Saeed also highlighted that the government has announced significant measures to recover from the financial damage caused by the previous administration’s mismanagement, particularly in relation to excessive money printing.
The opposition has criticized the current administration for not advancing major projects since taking office. Despite these criticisms, Saeed assured that the government is focused on stabilizing the economy before proceeding with large-scale initiatives.
In an appearance on state media, Saeed explained that it typically takes about a year for a new government to stabilize and initiate significant projects. However, he noted that the current situation is more challenging due to the economic turmoil left by the previous administration.
Saeed mentioned that the previous government had left the country in an unexpectedly precarious economic state. As a result, considerable effort is required to address these issues, which means that major projects will take longer to start compared to similar initiatives undertaken in the Maldives.
He expressed optimism that the financial situation would improve after November of this year, which would facilitate the implementation of planned projects. Saeed also highlighted that the government has announced significant measures to recover from the financial damage caused by the previous administration’s mismanagement, particularly in relation to excessive money printing.
The opposition has criticized the current administration for not advancing major projects since taking office. Despite these criticisms, Saeed assured that the government is focused on stabilizing the economy before proceeding with large-scale initiatives.
