No reserves left; $500 million sukuk payment made using public deposits at BML: Shamheed
Dr. Ahmed Shamheed, the Member of Parliament for the South Hulhumale' constituency, has heavily criticized the government, alleging that the state reserve is depleted and that a $500 million sukuk payment was settled using public deposits from the Bank of Maldives. Calling for the immediate disclosure of reserve figures, Shamheed accused the administration of misleading the public by signing new project agreements and demanded the resignation of the Finance Minister over the current economic situation. He further emphasized that state expenditures must strictly adhere to the budget approved by Parliament.
Dr. Ahmed Shamheed, the Member of Parliament for the South Hulhumale' constituency, delivers his address at the "Heyvalla Thayyaaru" rally organized by the MDP. | MDP | MDP
Dr. Ahmed Shamheed, the Member of Parliament for the South Hulhumale' constituency, has stated that the state reserve is completely depleted. He further alleged that the government recently settled the $500 million sovereign sukuk issued to the international financial market by utilizing public deposits held at the Bank of Maldives (BML).
Speaking at Tuesday's parliamentary sitting, Shamheed stated that the Finance Minister should resign immediately. He asserted that the country's reserves have effectively been depleted to the last rufiyaa.
Shamheed stated that the $500 million sukuk payment was settled using public deposits held at the Bank of Maldives (BML) rather than from the national reserves. However, the government maintained that the payment was sourced from the Sovereign Development Fund (SDF) and the state reserves. Shamheed challenged the government to disclose the official figures if there are indeed funds remaining in the state reserves.
The Minister of Finance should resign today. In reality, the country’s reserves do not contain a single rufiyaa. They lack the courage to disclose the figures. I challenge them to show us if there is even one rufiyaa left. The $500 million payment was made using our deposits at the Bank of Maldives; it was not paid from the actual reserves. If there is money in the reserves, why not disclose the balance? We are not here to mislead the public. This is the plain truth.Dr. Ahmed Shamheed, Member of Parliament for the South Hulhumale' constituency.
Shamheed has accused the current administration of engaging in deceptive practices when signing contracts. He alleged that the agreement signed for the Gulhifalhu project, dated January 11, 2026, is a fraudulent document. He further claimed that a photo session held with a Chinese company on January 6, 2025, was merely for show and did not represent any actual progress. Shamheed also noted that the project has now been handed over to the Road Development Corporation (RDC).
Shamheed stated that, in accordance with Article 96 of the Constitution, the state is mandated to expend public funds strictly within the budget approved by this Parliament. He further asserted that should funds be spent in any other manner, he would continue to raise the issue within this Parliament to bring it to the public's attention.
Shamheed stated that the government's current actions are misleading the public, describing this as an evident reality. He further asserted that the administration is afraid to disclose financial figures and challenged them to reveal whether even a single rufiyaa remains in the state reserves.
