Minister of Economic Development, Trade and Commerce Mohamed Saeed has dismissed opposition claims over rising commodity prices, accusing the Maldivian Democratic Party (MDP) of unfairly targeting local businesses and attempting to erode public confidence in the economy for political gain.
In a statement shared on social media, Saeed said criticism directed at businesses by the opposition was misplaced and urged MDP leaders to instead explain the economic policies implemented during their own time in government.
The minister argued that inflationary pressures affecting the country today were rooted in policies adopted under the previous administration, particularly the expansion of the money supply. According to Saeed, prices had already begun rising between 2019 and 2023, well before the current administration took office.
He also criticised the opposition’s public campaign over the cost of living, describing its recent protests and statements on commodity prices as inconsistent with the economic conditions inherited by the current government.
To support his position, Saeed shared comments from MHA Private Limited, one of the country’s leading importers and distributors.
In a video accompanying the minister’s statement, MHA Human Resources and Administration Manager Alim Adam said the retail price of Lactogen infant formula has remained stable despite international market pressures.
According to Alim, the company’s longstanding relationship with manufacturer Nestlé has enabled it to maintain consistent pricing in the Maldives, helping shield consumers from fluctuations seen in other markets.
Saeed said the government has been working closely with importers and suppliers to minimise the impact of inflation on consumers, particularly with regard to essential goods.
He maintained that no previous administration had undertaken comparable efforts to address rising prices, adding that the government has prioritised measures aimed at improving foreign currency availability and strengthening economic stability.
Among those measures, the minister cited the settlement of USD 1.2 billion in debt and amendments to the country’s foreign exchange framework, which he said have improved access to US dollars for businesses importing goods into the Maldives.
The minister also acknowledged that global developments continue to place pressure on prices, noting that international conflicts and supply chain disruptions have affected markets worldwide.
Despite those external challenges, he said the government remains focused on limiting increases in the prices of essential commodities and ensuring the continued availability of basic goods.
Like many countries, the Maldives has experienced inflation in recent years amid higher global food and energy prices, exchange rate pressures and supply chain disruptions. Authorities have repeatedly said they are working with the private sector to minimise the impact on households while maintaining stable supplies of essential imports.