Muizzu Government Admits Economic Policies Have Failed: MP Meekail

Member of Parliament for South Galolhu, Meekail Ahmed Naseem, has stated that the government's proposed amendment to mandate resorts to exchange 20 percent of their monthly revenue is a confession of the administration's failure. This proposal replaces the previous optional regulation that allowed for currency exchange at a rate of $500 per tourist.

During Wednesday's parliamentary sitting, lawmakers debated a government-sponsored bill to amend the Foreign Exchange Act, introduced by Holhudhoo MP Abdul Sattar Mohamed.

Debating the bill, Meekail stated that this amendment is an admission of the government's failure, specifically pointing to the collapse of its fiscal policy. He further asserted that the government remains unaware of the true financial situation, and that this move serves as a confession that President Dr. Mohamed Muizzu’s ongoing economic experiments have failed.

The member noted that approximately two years ago, Economic Minister Mohamed Saeed explicitly stated that the value of the dollar would decrease if the PNC secured a supermajority in Parliament. The member further highlighted that two years later, the dollar—which was then available for 18 Rufiyaa—cannot be obtained today even for 22 Rufiyaa.

They claim with great pride that there is no dollar shortage and that foreign currency is readily available. However, it is only available on the black market. What benefit does this provide to the average Maldivian citizen? Even if dollars are physically present within the country, how does that help the public’s pocket? When a citizen needs to travel abroad for medical treatment or other essential needs, how do they benefit from the dollars being discussed? Can they actually access them? They cannot. The reality is that people are struggling because they cannot obtain dollars. The fundamental truth will not change simply because businessmen, who are affiliated with and financially benefit from this administration, appear on television to claim that dollars are available.

Meekail Ahmed Naseem

Meekail stated that the Maldivian people are well aware of the current dollar shortage. He noted that the public clearly understands the situation is driven by a lack of foreign currency reserves. Furthermore, Meekail asserted that this shortage is a direct consequence of the current administration's excessive and wasteful spending.

Mee kail stated that millions of dollars have been spent on Ras Malé, which he described as a "vanity project" of the current administration. He further asserted that all those funds have essentially been thrown into the sea.

Meekail described the current situation as shameful, noting that it is a disgrace for the People's Majlis to even have to debate such a bill. He stated that the reality today is that the Maldives is facing a severe dollar shortage, where the currency cannot be obtained even at the rate of 22 Rufiyaa.