Yoosuf Riza: Citizens will not have to bear the burden of rising global market prices

Yoosuf Riza, the Permanent Secretary at the Ministry of Economic Development, Transport and Trade, states that the government is working to ensure that the burden of rising global market prices does not fall on the citizens of the Maldives.

Riza made these remarks during a podcast on the latest information on changes in the Maldivian trade landscape, commodity prices, and the Ministry's ongoing efforts toward economic growth.

He assured that the government is closely monitoring the potential impact on the Maldives due to shifts in the global landscape, particularly in the Middle East. Furthermore, he highlighted that, under the guidance of the Crisis Committee established by the President, extensive measures are being taken to ensure food and energy security. These efforts include diversifying import markets and establishing facilities to stockpile essential commodities across various regions of the country.

Assuring that there are sufficient supplies available in the Maldives, Riza urged the public to refrain from unnecessary hoarding of goods.

He emphasized that since trade is deeply intertwined with the daily lives of every Maldivian, it is crucial to stay informed about current changes. He also mentioned that the Ministry is collaborating with other government bodies to make the Maldives a more business-friendly nation.

Reflecting on the economic sector, Riza stated that diversifying the economy—rather than relying solely on tourism—is a long-term necessity.

“Diversifying the economy beyond its dependence on tourism is essential for the long term. This will help mitigate the impact of fluctuations in the global arena,” he remarked.

He also pointed out that the recent structural change within the government, which brought the transport sector under the Ministry of Economic Development, is a significant step forward in strengthening the trade supply chain.

Despite the government's repeated assurances that Middle Eastern conflicts would not lead to price hikes in the Maldives, the costs of certain goods have risen. Fuel is among the commodities that have seen the most significant price increases in the market.

As global oil prices continue to climb due to the conflict, the price of a liter of petrol and diesel in some Maldivian islands has surged above MVR 28 since yesterday.

To offset the financial losses incurred by the Maldives due to the rise in fuel prices, the government is currently seeking to secure USD 100 million.

While many Asian countries are implementing various cost-cutting measures in response to the global rise in oil prices caused by the war, many people in the Maldives are expressing concern over the government's failure to follow suit.