MMA holds only $129 million under its control; not a single cent more remains: Ghafoor

MDP's interim Chairperson and Hanimaadhoo MP Abdul Ghafoor Moosa has stated that only $129 million remains under the control of the Maldives Monetary Authority (MMA), asserting that there are no additional funds available.

Speaking at a rally held at the MDP headquarters, Ghafoor stated that the remarks made by President Muizzu in his Presidential Address contradict the facts. He highlighted that the government has failed to deliver on its promises regarding the Ras Malé reclamation project and accused the administration of concealing the true state of the nation's finances.

Speaking on the reclamation of Ras Malé, Ghafoor noted that while the project was scheduled for completion by 2025, only 288 hectares have been reclaimed to date. He pointed out that this represents just 27 percent of the total 1,009 hectares planned for the project.

This means that despite the promises made, only 27 percent of the land has been reclaimed as the year draws to a close. I urge the Maldivian citizens: do not trade the plots of land you have already received in Hulhumalé, Gulhifalhu, Giraavarufalhu, or anywhere else for this illusion. That would be a grave mistake. This is not a viable site for reclamation, nor is it a place where people can realistically live. I am speaking based on the actual statistics and the reality of the situation. While they can continue to fabricate falsehoods, the facts remain. Out of the 1,009 hectares of land promised to be reclaimed by the end of last year, only 288 hectares have been completed. That is a mere 27 percent. How can this project possibly proceed? It is simply unfeasible. This is nothing more than a ruse to snatch away your existing land. I repeat, do not let anyone convince you to exchange your plots.

Abdul Ghafoor Moosa, Member of Parliament for the Hanimaadhoo constituency.

Discussing the state of the nation's finances, Ghafoor stated that the President’s remarks regarding the gross reserves in the Presidential Address were intended to mislead the public. He argued that gross reserves represent the total income received within a year before expenses are deducted, asserting that this is not a standard terminology used anywhere else in the world.

He alleged that the government is merely touting revenue generated by increasing the Tourism Goods and Services Tax (TGST) by one percent and raising the prices of business and first-class airline tickets. He asserted that these funds were not acquired through government efficiency, but were instead "squeezed" out of the public.

Today, the airport tax has doubled to $120. Previously, a first-class ticket incurred a tax of $90, but that has now been hiked. The government is boasting about the gross profit from this increase, but this isn't money earned through efficiency or good governance. This is money squeezed out of the people. Anyone can raise funds this way; it doesn't take skill. This is an outright fabrication, and I am challenging the government on this. Currently, the Maldives Monetary Authority (MMA) has only $129 million under its control. Not a single cent more. The $244 million they are claiming as usable reserves includes $115 million from an Indian rollover provided to banks. That is not money under the MMA's control. To be clear, the actual amount available in the state's usable or net reserves at the MMA today is just $129 million.

Abdul Ghafoor Moosa, Member of Parliament for the Hanimaadhoo constituency.

MP Ghafoor stated that the usable net reserves at the central bank stand at only $129 million, accusing the current administration of making deception and misinformation its core philosophy. He further pledged to continue exposing all the falsehoods told by the government to the public through the People's Majlis.