Ilyas Labeeb urges disclosure of all expenditures related to Ras Malé project, urged government to find immediate solutions to economic challenges
3 ސެޕްޓެމްބަރު 2026 | ބުރާސްފަތި 11:32Labeeb has warned that the US Dollar exchange rate could soar to MVR 30 due to an excess of Maldivian Rufiyaa in the economy and a worsening dollar shortage. To mitigate this crisis, he urged the government to implement robust measures, including restructuring foreign debt and curbing state waste, to find a permanent solution to the country's mounting economic challenges.
Ilyas Labeeb delivers remarks during a rally held at the MDP headquarters. | Raajje MV
Former Member of Parliament Ilyas Labeeb has called on the government to clarify the details of the Ras Malé project, currently being undertaken by Maldives Airports Company Limited (MACL), and to disclose the projected costs for the bridge intended to connect the area.
Speaking at a rally held at the opposition Maldivian Democratic Party (MDP) headquarters, Labeeb emphasized the need for greater transparency in large-scale projects conducted through state-owned enterprises, asserting that the public has a right to know how these initiatives are being managed. He further stated that, God willing, these matters would be investigated in 2028, and those responsible would be held accountable and face legal action.
Discussing the current economic situation of the Maldives, Labeeb highlighted that the most significant challenge facing the economy is the excessive circulation of local currency in the market. He noted that after converting available dollars into rufiyaa, there is an additional 80 billion Maldivian Rufiyaa (broad money) in circulation, which indicates a foreign exchange shortfall of approximately $5.02 billion within the economy.
Furthermore, he alleged that this liquidity entered the economy through currency printing via the Maldives Monetary Authority and the Pension Office, as well as the government’s utilization of funds from the Bank of Maldives and other commercial banks that were originally intended for private sector lending. As a result, he stated that the value of the dollar has surged significantly, causing immense hardship for the general public.
Highlighting that state-owned enterprises such as MACL, HDC, and STO are struggling to secure the dollars required for loan repayments, he warned that the exchange rate could soar to 30 Rufiyaa per dollar if an urgent solution is not implemented.
Stating that intimidating those who speak out regarding the dollar crisis and freezing bank accounts are not permanent solutions, Labeeb emphasized that foreign debt must be restructured to stabilize the economy. He further noted that the government still has the opportunity to take decisive action by reducing state expenditure and wasteful spending through consultations with relevant stakeholders.
