Ameer: Govt. cannot “relax” without printing money; will do it as soon as possible

Former Finance Minister Ibrahim Ameer has claimed that the government will resort to printing money within this month, stating that it cannot sustain itself without doing so.

Rumors claim the government is working on raising around MVR 15 billion by selling a large plot of land from Hulhumale’ to MMA.

Speaking during SSTV’s ‘Baaru Hathareh’ program on Sunday night, Ameer expressed his belief that the government would not be able to relax without printing money based on its actions.

In this regard, Ameer emphasized that the government has failed to introduce any meaningful reforms to control state spending, leading to expenses surpassing the allocated budget.

He pointed out that, with no access to foreign funding, the government has turned to the domestic market for financial support. However, Ameer noted that all available funds within the Bank of Maldives (BML) and state-owned enterprises have already been invested.

As a result, he stressed that the government has no option left but to print money.

“I believe the government will print money within this month, as soon as possible. I do not believe the government can relax without resorting to this,” he said.

Ameer alleged that the government was trying to cover expenses by printing MVR 15 billion which will be injected into the state via Housing Development Corporation (HDC).

According to Ameer, MMA’s board decided to print money based on misinformation, adding the deputy governor and two members resigned after uncovering the truth. He noted that individuals within the government who possess technical expertise on matters like this are strongly opposed to the decision to print money.

The former finance minister expressed anger, citing the government’s efforts to print money by misleading the public as they had strongly advocated against this during the presidential campaign.

During his 2023 presidential campaign, President Dr. Mohamed Muizzu vowed he would never print money, as his predecessor had resorted to during the Covid-19 pandemic. The former administration printed MVR 8 billion after Maldives’ economy came to a halt due to the pandemic.