Last week, the state owned “Dhivehiraajjeyge Adu” (Voice of Maldives) presented its “Ahaashey Bunaanan” (Ask and I’ll Answer) program with Finance Minister Ibrahim Ameer as its guest. In the episode, Minister Ameer claimed that “Getting loans is not something that it in itself will develop the economy. We need to see what’s being developed with the loans. The current Tender board has awarded more projects within these 2 years than the previous administration did in its 5 years. We have awarded more than MVR 6 Billion worth projects”.
Fact Check: Several international financial rating agencies as well as the IMF and the world bank has advised and warned on the current administration’s economic policy with several international credit rating agencies lowering the credit rating of Maldives. This indicates a slowdown in the economic growth and development.
Minister Ameer’s claims of outdoing the previous administration by awarding MVR 6 Billion worth projects is not backed by facts. His claim contradicts data by international organization as well as state published documents. According to the Maldivian government itself, the previous administration spent over MVR 52,506,439,302.94 on awarding projects to develop the Greater Male’ City area.This would mean that the current administration has till date only spent 11% of what was spent on developing the Greater Male’ City area. If we take into consideration the total amount spent on development projects, it would be in excess of MVR 100 Billion. According to Minister Ameer, the current administration’s development projects are significantly less compared to even only the development projects in the Greater Male’ City Area.