Government lacks capacity to pay private companies, will continue printing money next year: Yameen
Yameen claims the government owes MVR 13-14 billion to private companies and has failed to meet its five-week payment deadline
Former President Abdulla Yameen speaking at a PNF gathering
Former President Abdulla Yameen Abdul Gayoom has sharply criticized the current administration, asserting that the government lacks the financial capacity to settle payments owed to private companies and will be forced to continue printing money next year to cover recurrent expenses.
Speaking at a front office meeting of the People’s National Front (PNF), the former president said that the government’s earlier promise to clear dues to private companies within five weeks has not been fulfilled, and, in his view, will not be. He accused the administration of diverting attention through publicity events, pointing out that instead of clearing payments, the government organized a grand ceremony to announce 206 new projects, many of which were awarded without competitive bidding to companies linked to ruling party members.
President Dr. Mohamed Muizzu had previously announced that all outstanding bills owed to private businesses and state-owned companies would be paid within five weeks. The deadline, which expired at 7:44pm on Wednesday, passed without any official confirmation of such payments being completed.
According to Yameen, the government’s total outstanding payments to private companies amount to between MVR 13 billion and MVR 14 billion. He further claimed that the government also owes significant sums to major state-linked entities such as the Housing Development Corporation (HDC) and the Bank of Maldives (BML), a sign of what he described as the administration’s deep financial distress.
Yameen also criticized the 2026 national budget, questioning whether the government would be able to meet its recurrent expenses under the current fiscal framework. He likened the administration’s hiring practices to “a turtle laying eggs,” accusing it of expanding the state payroll irresponsibly without corresponding economic returns.
He further alleged that despite the government’s ambitious announcements, none of the major infrastructure projects, including the proposed Addu Bridge, have begun nor is there any clear pathway to secure funding for them.
According to Yameen, the Muizzu administration has already accumulated MVR 33.6 billion in new debt, a figure he argues reflects unsustainable fiscal management.
He predicted that the government will once again resort to printing money next year to finance its recurrent spending, warning that the administration has “no other means” to stabilize its finances.
