Former President and current Speaker of Parliament Mohamed Nasheed has stated that the country does not have enough foreign currency to secure essential needs.

Speaker Nasheed stated this during Monday's parliament sitting.

Before opening the floor for the debate on the Budget Committee report at Monday's sitting, the Speaker stated that the country's financial state is not secure. He went on to say that the foreign reserve of the country does not have enough to secure the essential needs of the upcoming months.

Nasheed went on to show his displeasure in the administration for acting like the country has enough foreign currency, even though he believes that the country does not have enough foreign currency to secure the essential needs. He stated that holding such information can be seen as deceiving the public.

Nasheed however did not disclose any details on the actual amount of foreign currency in the country's foreign reserve.

Even though the Speaker of Parliament has raised concerns about the current state of the country's foreign reserve, the administration so far has not raised any concerns regarding the status of the foreign reserve. They have however expressed hope that the foreign reserve of the country will see improvements in the future.

As such, Minister of Finance Ibrahim Ameer has stated that the national reserve of the Maldives is projected to be at USD 606 million in 2023. He stated that during the parliament sitting where he presented the proposed state budget for 2023.

Noting that the national reserve of the Maldives plays the most important role in monitoring the fiscal and economic policies of the country, Minister Ameer stated that there are obstacles in increasing the reserve in a short notice. He highlighted the rise in prices of goods, specially the rise in prices of oil and even the increase in the number of imports of the country.

The Minister stated that the Maldivian economy is seeing growth even in the midst of all the impediments that the economy of the world is facing. He said this is the result of the administration's fiscal policies. He went on to note that the fiscal policy of the state played a huge role in running the Maldivian economy as it was brought to a halt in 2020, due to the Covid-19 pandemic.