Minister Saeed Points to MDP as Cause of Maldives’ Economic Downturn
Photo: The President’s Office
The Minister of Economic Development and Trade, Mohamed Saeed, has addressed claims made by his predecessor, Fayyaz Ismail, alleging that the Maldivian Democratic Party (MDP) is responsible for the Maldives’ current economic difficulties.
Government should immediately stop this undue influence to the Bank of Maldives for the sake of the integrity of our financial system. BML being a systemic bank and an important part of the Economy, it is important that the Bank is able to operate independently. Particularly… https://t.co/uU6PWcOLhh
— Fayyaz Ismail (@faya_i) August 24, 2024advertisement
Fayyaz had earlier voiced his concerns regarding the Bank of Maldives’ (BML) decision to remove Deputy CEO Aishath Noordeen from its Board of Directors. In a post on X, Fayyaz urged the government to cease what he described as undue influence over BML, arguing that such interference undermines the integrity of the country’s financial system. He emphasised the bank’s importance, calling it a “vital component of the economy.”
“Particularly removing an experienced banker such as Aishath Noordeen from the board while the country is on the brink of an economic crisis is reckless,” Fayyaz stated. He warned that the decision could damage the international community’s perception of the Maldives’ financial system.
Dear Minister Saeed, I wish you all the good luck to steer the economy to calmer waters. Unfortunately I neither see the capacity or even a vision from you or the government to do so. The people handed over power to you based on your promises and presentation that you “knew how… https://t.co/jpy5urYnlI— Fayyaz Ismail (@faya_i) August 24, 2024
In response, Minister Saeed blamed the MDP-led government for the Maldives’ economic downturn, asserting that the previous administration had accumulated an unprecedented level of debt over the past years. He argued that the former government’s fiscal policies are responsible for the nation’s current economic challenges.
Aishath Noordeen Dismissed from BML Board
Noordeen, who had served at BML for 42 years, was dismissed from the bank’s board last Friday. However, since BML is a public shareholder-owned company, the dismissal of board members is typically decided at a shareholders’ general meeting.
Neither the PCB nor the government has commented on the reasoning behind Noordeen’s removal. Her departure marks the second time this year that PCB has attempted to dismiss BML board members. In January, five directors were removed by the PCB but were later reinstated, only to be officially dismissed through a shareholders’ meeting, in line with corporate governance rules.
Noordeen, one of the longest-serving employees at BML, had joined the bank in 1982 and was the second-highest-ranking official at the time of her dismissal.
