State economy is collapsing because of the selling of three companies- Gasim

Sunday, July 1st, 2012

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Jumhooree Party leader, Gasim Ibrahim has said that the state economy is collapsing because the former President Mohamed Nasheed’s administration sold the three most important companies that have been making a good profit for the state. Speaking at the ceremony held to inaugurate the Jumhooree Party activity centre of K. Dhiffushi, Gasim Ibrahim said that the shares of Dhiraagu and other companies were sold in violation of the law and without considering the harms it will cause on the country and the people. “Dhiraagu is a company by which the state gets 500 million ruffiya as 52 percent dividend. However the shares were sold at a price less than that the government gets in a year. And the other company was sold to a foreign party when there was a potential local customer who was ready to buy the shares. And it was sold at a very cheap price,” he said. Gasim said that the government loses more than an amount of 1.8 billion ruffiya because of this. In addition to this Gasim noted that the dollar rate although it was fixed by the government to be 15.42ruffiya per dollar, it is sold in the market at a rate of 17 ruffiya. He said that it is inspected that the dolar value will rise with 19 Maldivian ruffiya per dollar. Gasim said that the economy has been collapsing at a rapid speed ever since the day a budget of 12 million ruffiya was passed when the income of the state was only 5 billion ruffya. “I was the Finance Minister during that time. I resigned and left the ministry because I could not stand it anymore,” he said.