Maldives Pres claims rent control an 'economic setback'

Maldives president Abdulla Yameen Abdul Gayoom has claimed rent control will impact adversely on the local economy, and voiced he was against such a step.

While responding to quizzes at the presidential debate hosted by Maldives National University, the island nation head of state; without an opponent, explained the Maldives government can push forward in implementing an rental control law.

However, according to president Yameen many would violate the statutes of such a law, resulting in an unending courtroom struggle.

He also predicted such an act will result in private sector's cessation on real estate ventures.

According to president Abdulla Yameen a decision like this would diminish the availability of apartments or shelter on rent for locals migrating to the country's capital.

Increase of living expenses was habitual according to president Yameen, who said he does not understand claims of slide in living standards. Explaining his economical point of view, the Maldives president also highlighted the island nation has moved up towards a lesser poor nation.

While responding to questions raised at the debate session, president Yameen noted the country's Gross Domestic Product (GDP) has increased to USD10,000 per capita.

Placing statistical data, president Abdulla Yameen asserted the inflation rate was constant at 11% for 2011 and 2012, however in 2013 the rate was sliced down to 4 percent.

President Yameen posited the current inflation rate was reduced to 2.3 percent.