MP Nazil: Despite President’s assurance of six percent economic growth in Presidential Address, economy is seen to be declining
21 ސެޕްޓެމްބަރު 2026 | ހޯމަ 18:32MDP Parliamentary Group Leader Ibrahim Nazil has attributed the Maldives' economic downturn and worsening dollar shortage to the government's continued spending on mega-projects like Rasmalé. Criticizing the administration's failure to address the ongoing financial crisis, Nazil questioned why the Economic Minister remains in office despite the country's deteriorating fiscal situation.
Member Nazil on RaajjeTV's "Fala Surukhee" program. | Raajje MV
Ibrahim Nazil, the Member of Parliament for South Hithadhoo and Leader of the MDP Parliamentary Group, has stated that despite President Dr. Mohamed Muizzu’s presidential address projecting economic growth between 4 and 6 percent, the reality shows a downward trend.
Speaking on RaajjeTV’s "Fala Surukhee" program, Nazil stated that he sees no evidence of the current administration taking action to alleviate the economic hardships faced by the public. Nazil further noted that when businesses are unable to process Telegraphic Transfers (TTs), the blame is shifted onto those who speak out about the issue and the media outlets that report on it.
Nazil stated that the current dollar shortage is a result of the government’s spending on large-scale projects, such as Rasmalé. He questioned whether investing in the Rasmalé project is a necessity during such a challenging economic period.
What is the hidden secret behind this? What benefit or service to the citizens justifies the government spending such a massive investment or such a vast amount of money on the Rasmalé reclamation project? The reality is that they have failed to provide an answer to these questions; instead, they simply claim that every single pledge in their manifesto has been fulfilled to the letter.Ibrahim Nazil
Highlighting that the Maldivian economy has contracted by 12 percent, Nazil questioned why President Muizzu has yet to dismiss Economic Minister Mohamed Saeed despite the current situation.
Furthermore, Nazil noted that reports are currently circulating regarding a potential fuel shortage, warning that the country would face a dire situation should such a crisis occur.
Delivering the Presidential Address to the People’s Majlis, President Muizzu projected that the Maldivian economy would grow by 6.4 percent this year. However, the Maldives Bureau of Statistics’ report for the second quarter of this year indicates that the country’s economic growth, or real GDP, fell by 12.3 percent in the second quarter of 2024 compared to the first quarter of the year.
