The Special Cabinet Committee, established by President Dr Mohamed Muizzu in response to escalating tensions in the Middle East, has affirmed that the Maldives will maintain an uninterrupted supply of essential commodities despite ongoing volatility in global markets.
The Committee provided these updates during its weekly press briefing held this afternoon at the President’s Office.
Providing further details, the Minister of Economic Development, Transport and Trade, Mohamed Saeed, stated that, following the onset of tensions in the Middle East, coordinated efforts were undertaken in collaboration with the Ministry of Foreign Affairs and relevant stakeholders to identify alternative source markets. He noted that these efforts have secured additional supply routes, thereby ensuring the continuity and resilience of supply chains, with sources including China, India, Türkiye and ASEAN member states.
The Government further assured that fuel supplies required by the country will remain uninterrupted despite fluctuations in global oil markets. Speaking on behalf of the Committee, Minister of Finance and Public Enterprises and Committee Chair, Moosa Zameer, stated that the necessary arrangements have been finalised to ensure continuous access to fuel for both the public and the business community.
In line with these efforts, the Minister of Fisheries, Agriculture and Marine Resources, Ahmed Shiyam, highlighted ongoing support to the fisheries sector, noting that over 1.1 million litres of fuel have been distributed to fishermen at concessional rates.
The Committee further stated that support mechanisms are being facilitated through the Bank of Maldives (BML) to assist individuals and businesses in mitigating economic risks. It noted that financial support to businesses has been expanded to help stabilise commodity prices, and that arrangements are being made through the banking system to ensure continued access to capital and trade finance in order to sustain economic activity.
The Committee emphasised that the President’s policy during this period is to safeguard the continued functioning and stability of the Maldivian economy. While state-owned enterprises (SOEs) have been instructed to undertake staffing adjustments as part of expenditure rationalisation measures, the Committee underscored that such processes will be carried out in full compliance with established laws and regulations.
The Committee also provided updates on measures implemented to support key sectors, including tourism and fisheries, as well as aviation, agriculture, and small and medium-sized enterprises (SMEs), with a view to ensuring the uninterrupted continuation of operations.
Responding to a question regarding the Government’s pay harmonisation programme, the Committee stated that approximately 7 per cent of the process remains pending, and that the President has directed the relevant authorities to complete the remaining adjustments at the earliest opportunity.
The Special Cabinet Committee was initially established on 28 February in response to the situation in the Middle East and was subsequently reconstituted on 15 April following changes to the composition of the Cabinet. Today’s briefing marked the first media update delivered by the reconstituted Committee.