National reserve at an all time high – Minister Qasim

1 January 2008
Courtesy: Miadhu

Minister of Finance Qasim Ibrahim has claimed that national reserve has increased to a level as never seen in the history of the country.

Minister Qasim made the claim at a press conference held yesterday afternoon at the Finance Ministry, rejecting the claims of the MDP chairperson Mohamed Nasheed (Anni) made on last Friday at a rally of the Opposition Alliance held last Friday. Anni claimed that national reserve decreased considerably from US $ 800 million to the present figure due to irresponsibility of the government. However Minister Qasim claimed that Maldives National Reserve never was at US $ 800 million.

“Although our national reserve was never US $800 million, I am very happy to announce that with end of the year our reserve has reached US $ 309 million” said Qasim.

Minister Qasim expressed his regrets over Anni’s twisting of facts to confuse the general public and discredit the government. He further said he believed that Anni should be an accountable to what he says.

Finance Minister Qasim said that national gross reserve by the end of 2005 was 185 million US dollars. He said while in 2004 it was 202 million dollars, it was US $ 158 million in 2003. He further stated that while the reserve was 132 million in 2002, it was 91 million in 2001 and 121 million in 2000. He also said by the end of 2007 the figure reached 309 million US dollars, 160 million dollars was deposited in various foreign banks as state asset. Minister noted that this was good progress.

“When the facts are so clear I can only say that Anni is very confused” said Minister Qasim.

Opposition Members of the Majlis speaking at the debate on the budget of 2008 at Majlis sessions have said that reserve does not have enough funds to sustain one and half months of basic foods for the people. Opposition Members have repeatedly stated that government should be ashamed of the decreasing value of Rufiyaa due to high cost of products. However Qasim has repeatedly rejected and dismissed the claims of the Members saying that their analysis was inaccurate.