Economic hardships are unveiling a much deeper political crisis: Zariyand
20 ސެޕްޓެމްބަރު 2026 | އާދީއްތަ 09:10Financial expert Ismail Zariyand has stated that the Maldives' deteriorating economic situation is a direct result of poor political decision-making and a lack of accountability. He emphasized that addressing these challenges requires restoring public trust and reforming national debt policies, while further warning that recent changes to foreign exchange regulations could potentially undermine investor confidence and impact future investments.
President Dr. Mohamed Muizzu meets with the press. | President's Office
Financial expert Ismail Zariyand has stated that the current economic challenges facing the Maldives are a precursor to a much deeper political crisis.
The Maldives is currently facing more than just an economic crisis; the prevailing financial hardships are giving rise to a much deeper political crisis.
Zariyand stated that the root causes of this situation include a lack of accountability, inconsistent policies, and a lack of transparency in the decision-making process.
Furthermore, Zariyand highlighted that public confidence in the government is increasingly eroding.
In a post on X, Zariyand stated that these issues cannot be resolved through economic measures alone. He emphasized that the most crucial priorities are restoring public trust and establishing accountable governance.
"This is not merely an economic crisis. This is a major catastrophe born out of political greed," Zariyand said.
He stated that there is a significant distinction between incurring debt to build the nation’s development and borrowing merely to cover day-to-day expenses.
He emphasized that the nation possesses the necessary resources, skills, and capabilities to strengthen the economy and boost productivity, asserting that borrowing should be directed toward building such a bright future. He further noted that debt should not be incurred solely to cover current expenditures or to settle past obligations.
"When the prioritization of spending and borrowing for political gain is favored, it is the entire citizenry that must face the bitter consequences," Zariyand said.
Zariyand also criticized the government's recent amendments to the foreign exchange regulations. He noted that the legal requirement for resorts to convert 40% of their revenue was introduced at a critical juncture as the Maldives approaches the latter half of 2026. He stated that the real concern lies in whether a robust system can be established to recirculate an adequate amount of foreign currency into the local economy without undermining tourism investments and operations.
