Dollar disbursements via the Bank of Maldives (BML) have surged by 80 percent under President Dr. Mohamed Muizzu's administration compared to the previous government, Minister of Economic Development and Trade Mohamed Saeed announced on Wednesday. The minister made the remarks while addressing the People's Majlis during the opportunity granted to defend himself against a no-confidence motion.
Speaking on the parliament floor, Minister Saeed presented a detailed account of the administration’s economic milestones and key financial performance indicators. He noted that compared to the volume of US dollars disbursed at the official rate of MVR 15.42 under former President Ibrahim Mohamed Solih, the current government has overseen an 80 percent increase in foreign currency releases through the national bank. In addition, the minister highlighted that newly introduced international bunkering services have already generated $90.07 million (approximately MVR 1.39 billion) in revenue.
Addressing national food security and supply chain stability, Saeed stated that strategic interventions by the Crisis Committee—established by President Muizzu in response to escalating geopolitical tensions between Iran and the United States—successfully shielded the Maldives from critical shortages of fuel, cooking gas, and staple foods. He added that the ministry actively monitors market prices for 164 essential commodities on a daily basis and noted that the cabinet expanded the designated essential goods list from 26 items to 80 items by August 2026.
Turning to maritime logistics and port decongestion, Minister Saeed confirmed that full operations at the Thilafushi International Port are targeted to commence by November 2027. He explained that domestic cargo vessel clearance operations have already begun shifting to Thilafushi, with a complete transfer of vessel clearing scheduled for December 2026 to relieve severe vessel congestion across the Malé and Hulhumalé harbor fronts. Both international and domestic container processing are slated to centralize fully at Thilafushi by late 2027.
Reaffirming the ministry's commitment to transparency and public service, Saeed emphasized that all 12 regional business centers across the atolls remain fully operational without closures. Over the past two and a half years, the ministry has responded to 192 Right to Information (RTI) requests, while Saeed personally engaged in 184 media briefings and consistently answered parliamentary summons to ensure institutional accountability.