All dollars entering Maldives are being buried in Ras Malé: Abdulla Rasheed

Former Member of Parliament for the Naifaru constituency, Abdulla Rasheed, has stated that the issue is not a lack of dollar inflows into the Maldives, but rather that all available foreign currency is being funneled into and buried within the Ras Malé project.

He made these remarks during a meeting of the MDP National Congress on Monday night, while discussing the country's economic situation and the ongoing foreign exchange shortage. Abdulla Rasheed noted that tourist arrivals to the Maldives increased by 18 percent between January 1 and July 31 of this year. He emphasized that this signifies an 18 percent increase in foreign currency inflows compared to the same period last year.

However, he noted that while other nations are halting land reclamation and dredging projects amidst regional economic challenges, the Maldives is engaging in unnecessary expenditures. He further alleged that President Dr. Mohamed Muizzu is funneling all of the country’s dollar inflows into the Ras Malé project, driven by a desire to establish a personal legacy and secure victory in the 2028 presidential election.

Abdulla Rasheed stated that a daily fee of MVR 120,000 is being paid for the dredger at Ras Malé regardless of whether reclamation work is active. He further noted that the project incurs costs between $8 and $10 for every cubic meter of sand reclaimed. He highlighted that while such wasteful expenditure drives the nation into a dollar liquidity crisis and cripples local businesses, the government shows no intention of halting these practices.

Abdulla Rasheed further stated that unless citizens take to the streets of Male’, the islands, and the resorts to protest against the government’s actions, the Maldives risks heading toward bankruptcy. He noted that while previous protests had eventually stalled, abandoning the cause now would be a grave injustice to future generations.