Former President Yameen warns economic “red signal” as interest payments hit MVR 9 billion

Former President Abdulla Yameen Abdul Gayoom has said he would be “happy” to obtain USD 9 billion even if it meant keeping the entire country as collateral.

Speaking at a PNF meeting held on Sunday evening, Yameen criticised the current state of the Maldivian economy, saying government debt is now set to exceed MVR 160 billion.

He noted that annual interest payments alone have reached MVR 9 billion, adding that the Maldives would “be happy to sell a sukuk today” just to raise that amount.

“I would be happy if we got that nine billion dollars with the whole country kept as collateral. This is the money that has gone up in interest alone, what is nine billion,” Yameen said.

Yameen said the country is paying an unsustainable amount in interest and that “the economic signal is red.”

He also indirectly responded to comments made by Economic Minister Mohamed Saeed during his recent visit to Davos, Switzerland. Yameen said he found it difficult to believe such optimistic statements when “the suffering is upon the poor citizens.”

“He said he knows how to manage things after everything that was said before. What has he managed so far? If he had managed something, the debt service should not have gone up to MVR 9 billion,” he said.

Yameen further warned that commodity prices would rise significantly during Ramadan, adding that bringing “a few apples” through STO would not resolve the underlying economic issues.

He likened the government’s approach to treating only the “visible pus” while ignoring the deeper wound.

“The real problem is burning inside, deep and big. A top‑down cosmetic solution is being given to things. That doesn’t solve these things,” he said.

Yameen concluded by urging the government to disclose the true state of the economy, saying it was difficult to watch events unfold “like the Davos trip.”