BML distributed MVR 2.7 billion in projects to PNC MPs: Yauqoob

Former Member of Parliament for the Dhaandhoo constituency, Yauqoob Abdulla, has alleged that projects worth MVR 2.7 billion facilitated through the Bank of Maldives (BML) by the current administration were distributed among MPs belonging to the People’s National Congress (PNC) and their associates.

Speaking on Raajje TV’s "TV Talk" program, Yauqoob stated that while the World Bank has expressed serious concerns regarding the Maldives' economic situation, the government’s current actions are pushing the nation toward a dangerous crisis. He further alleged that instead of implementing necessary austerity measures, significant corruption is being carried out under the guise of development projects launched by President Dr. Mohamed Muizzu ahead of the elections.

Yauqoob noted that while no physical progress has been made on numerous projects despite foundation stones being laid, the state budget continues to incur expenses for them. Citing the Dhaandhoo Hospital project as an example, he stated that although some equipment had been transported to the site, it is being stored at a facility linked to the PNC Member of Parliament for the Alifushi constituency. He further alleged that the state is paying 55,000 Rufiyaa in monthly rent for the storage of these materials.

Technically, what is happening is that since funds cannot be withdrawn directly from the state budget, money is being funneled through various state-owned enterprises to be handed over to lawmakers. This is a massive embezzlement of public funds, and this operation is being carried out across every island represented by PNC members. I recall that last year, 2.7 billion Rufiyaa was distributed to companies through the Bank of Maldives (BML). In that instance as well, the government distributed assets to PNC-affiliated members and their associates. Every member was awarded a project. When a project was assigned to a member who did not actually perform the work, a deal was made allowing them to sell that project to a third party. Once the member is paid three or four million Rufiyaa, the project is officially awarded to the specific company recommended by that member.

Former Member of Parliament for the Dhaandhoo constituency, Yauqoob Abdulla.

Furthermore, he alleged that MVR 2.7 billion worth of projects were distributed through BML, with each member being allocated a project. He claimed that members unable to execute the work are "selling off" these projects to other companies to pocket millions of rupees. He further stated that project costs are being inflated in this manner, leading to the misappropriation of state funds.

Yauqoob further stated that with $600 million in debt repayments due over the next six months, the bills currently before Parliament could trigger massive additional expenditures, risking national economic collapse. He warned that these government policies would have a devastating impact on the general public, particularly those living below the poverty line, and cautioned that it could take 20 to 30 years for the country to recover from such a crisis.