Muizzu’s Flawed Policies Set Back Maldives’ Economy 20 Years: Fayyaz

Former Economic Minister Fayyaz Ismail has stated that the Maldives' rapidly growing economy has been set back 20 years due to the flawed policies of President Dr. Mohamed Muizzu.

Speaking at the MDP National Congress meeting held on Monday night, Fayyaz stated that within the first year of President Muizzu’s administration, thousands of long-standing private businesses have been decimated. Fayyaz further noted that revitalizing these businesses would be an arduous and lengthy process.

The actions taken by President Muizzu over the past three years have decimated businesses that were built over generations through the efforts of many. These enterprises, which took decades to establish, have now been ruined by the thousands. Restoring these businesses to their former state will now be an incredibly arduous task for anyone to undertake.

Fayyaz Ismail

Highlighting the recent legislative changes requiring resorts to exchange 40 percent of their foreign currency earnings through local banks, Fayyaz stated that these amendments will result in resort employees no longer receiving their salaries in US dollars.

Fayyaz stated that the foreign currency generated from the government's plan to collect 40 percent of resort revenues would be allocated only to businesses of their choosing. He further noted that even the $1,000 allowance currently provided for medical purposes is being restricted by the Maldives Monetary Authority (MMA) to specific individuals.

Fayyaz stated that President Muizzu’s claim regarding the ability to use credit and debit cards for medical expenses abroad is false. He noted that, contrary to the President's assertions, many citizens are currently facing significant difficulties as they are unable to settle their bills using these cards while overseas.

What they are doing is distributing the current 40 percent allocation to businesses and individuals of their own choosing. The MMA issues $1,000 based on a list of ID cards under the guise of medical expenses. They talk about debit and credit card transactions being functional, yet how many times have we had to walk out of foreign shops and hospitals in embarrassment because our cards were declined and we couldn't pay our bills? They sit there shamelessly peddling lies while systematically destroying this nation.

Fayyaz Ismail

The MDP National Congress passed a resolution on Monday night to launch continuous direct action until President Muizzu resigns, unless the government strengthens its fiscal and economic policies.

The decision was reached following a debate on a resolution submitted by MDP Chairperson Mohamed Nasheed. In the subsequent vote to pass the resolution, 33 out of the 34 members in attendance voted in favor of the motion as presented.

In accordance with this resolution, the MDP has called upon all citizens to take to the streets in protest against the government's policies.