Don’t undermine credibility of financial system: MP Shareef

Member of Parliament for Maradhoo constituency of Addu City, Ibrahim Shareef (Mavota) | Photo: Majlis

Malé, Maldives – Parliamentarian for Maradhoo constituency, Ibrahim Shareef has called on Speaker Mohamed Nasheed to refrain from any remarks which would undermine the credibility of the Maldivian financial system.

This comes while Speaker of Parliament and former President Nasheed has been expressing concern about the economic situation in the country and about the decline in the country’s foreign exchange reserves.

In a tweet, MP Shareef said that Speaker Nasheed, who is in a position of authority, was declaring Maldives to be bankrupt, and that it could lead to the loss of confidence in the state’s financial system and the state’s fall into a pit. Shareef also urged him not to do so.

Recently speaking at the Parliament, Speaker Nasheed said that the government’s foreign exchange reserves were low and while there is low amounts of money for the basic needs of Maldives, to speak otherwise is a deception to the people.

Speaker Nasheed had told last week that the country is going bankrupt and it is a shame that he has to sit in the presidency of the parliament when it happens.

Nasheed said he had worked with the Sri Lankan government and then with the Ghanaian government, which both went “on the road to bankruptcy”. He asked the MPs to look into the financial situation of the state to prevent that from happening to Maldives.

Maldives should not be allowed to go down that path and it is very important that members clarify the situation of the state finances at the moment, he said. He said it was also very useful to make that information public.

Nasheed said members should keep their minds on the current level of foreign exchange reserves.