The Economic and Youth Council (EYC) has appealed to all media to stop misinforming the public and international community about the Maldives. During a press conference held today at the President’s Office, Co-Chair of the EYC, Minister of Fisheries and Agriculture Dr. Mohamed Shainee noted that such articles were harmful in many ways, to the nation and its people.
Also present at the press conference were, Minister of Finance and Treasury Hon. Abdulla Jihad, Minister of Economic Development Hon. Mohamed Saeed, Minister of Youth and Sports Hon. Ahmed Zuhoor, Minister of Tourism Hon. Moosa Zameer, and Minister of State for Economic Relations at the President’s Office Mr. Mohamed Luveiz.
Speaking at the press conference Dr Shainee noted that some local media outlets had noted that a World Bank report flags the developmental projects being carried out by the Government of Maldives as damaging to the nation. Denying that such a statement was made in the report, the Minister however noted that the World Bank has indicated that the high external debt due to the large increase in capital investment was putting the sustainability of the Maldives’ debt burden at risk.
In response, Dr Shainee underscored that risk and investment came hand in hand. He further assured that this administration always took calculated risks in making any investment, so that the return was most beneficial to the nation. Dr Shainee also noted that the World Bank’s report states the economic drive of the Maldives will speed up in the near future from these mega projects and urban development projects.
Speaking at the press conference, the Co-Chair of the EYC Dr. Shainee reiterated that the EYC’s mandate was to implement President Yameen’s economic agenda, and bring about prosperity to the Maldives. He also said that all major projects being carried out in the country were executed under the direct supervision of the EYC. In this regard, members of the EYC highlighted the main developmental projects currently being carried out by the Government.
Further, Dr Shainee stated that being one of the two South Asian countries with large current account deficits was not a concern, since Maldives was a country heavily dependent on imported goods. He said that such statements were made in the report because the State’s recurrent public expenditure was made via the State capital account. He noted that in comparison with other South Asian countries, Maldives has the highest number of foreign direct investments coming in. He also stated that certain media only highlighted part of the World Bank report, which misleads and causes damage to the general public, and condemned such irresponsible journalism. Members of the EYC also took questions posed to them by the journalists.
