National economy has come to a standstill and the Governor must resign: Ameer

Former Finance Minister Ibrahim Ameer has called for the resignation of Maldives Monetary Authority (MMA) Governor Ahmed Munavvar, asserting that the national economy has come to a complete standstill under President Dr. Mohamed Muizzu’s administration.

Speaking at the "Bodu Badhalu" rally held on Tuesday night, Ameer expressed grave concern over the current stagnation of the Maldivian economy. He stated that regardless of the perspective taken, it is evident that the government has failed significantly across all sectors.

He stated that the nation's economy has come to a complete standstill, with total systemic failure across the education, healthcare, and social sectors, among others.

As this administration approaches the two-and-a-half-year mark, Ameer noted that the tourism industry remains the sole sector providing any sense of stability. However, he warned that the ongoing conflict in the Middle East has now placed the Maldives' tourism industry at significant risk.

Ameer stated that numerous bookings are being canceled daily, leading to a significant decline in the national GDP and a substantial drop in government revenue. However, he criticized the current administration for its lack of sound policies, alleging that they are attempting to mislead the public on all fronts.

Furthermore, Ameer stated that this administration is politicizing and undermining state-owned enterprises that had remained free from political influence under all previous governments.

The Maldives' productivity and public sector investment are declining and slowing down day by day. From Thuraakunu in the north to Addu Atoll in the south, it is evident that no significant development projects have actually progressed over the past two years. Given the government's current fragile state, we can only bring about a positive economic shift by addressing these major systemic changes. For instance, if we look at state-owned enterprises such as MACL, the company has been politicized to an extent never seen under any previous administration. MACL has essentially become a vehicle for government operations and a primary source of funding for the state. Furthermore, looking at the situation with BML, we are observing even more deeply concerning issues.

Ibrahim Ameer, the Minister of Finance during the MDP administration.

Highlighting the Maldives Monetary Authority's failure to fulfill its regulatory responsibilities alongside Bank of Maldives, Ameer asserted that the current Governor has failed significantly and must resign from his post.

We are observing this administration make numerous claims regarding the national debt, asserting that they are consistently settling the obligations incurred by the previous government. However, the reality we are witnessing is that the debt has not decreased at all. When the administration changed in 2023, the national debt stood at 125.9 billion MVR. By the end of last year, and continuing into 2025, that figure has risen to 154 billion MVR. Despite claims that no additional loans are being taken to settle the $400 million and $500 million Sukuk payments, we are seeing STO secure $100 million from foreign sources and funneling those funds to the government to manage these obligations. Consequently, every economic indicator suggests that the economy is heading toward failure.

Ibrahim Ameer, the Minister of Finance during the MDP administration.

Ameer stated that the current concern is not merely the absence of an MDP government. He emphasized that regardless of which administration is in power, the rights guaranteed by the Constitution must be ensured, the economy must be developed, and principles of good governance must be upheld.

However, he noted that this is no longer the reality in the Maldives, emphasizing the urgent need for significant national reform.