Minister of Economic Development Fayyaz Ismail has stated the biggest economic concern is the spread of baseless lies regarding the economic situation of the country.
Speaking at the Parliamentary Committee on Public Accounts, Economic Minister Fayyaz acknowledged that there are certain challenges on debt repayment and management of the country’s economy and finances. However, the minister said the biggest concern is the spread of lies claiming that the country is on the verge of bankruptcy, as this impacts investor confidence. He reiterated the assurances provided by the government that the country is not under the threat of defaulting on its debt.
Speaking further, Economic Minister Fayyaz acknowledged that the rise in global fuel prices due to the ongoing Russia-Ukraine conflict poses challenges to debt repayment. The minister said although the government has no direct control over such matters, the government would undertake all possible measures to minimise the impact of such matters on the general public.