This government is scrambling for dollars to the point of selling off 'grandmother's jewelry': MP Didi

The Member of Parliament for the Maradhoo constituency, Ahmed Didi, has stated that the government is struggling with a severe dollar shortage due to its current policies. He remarked that the administration is desperately seeking ways to acquire foreign currency at any cost, suggesting they are prepared to go to extreme lengths—even "selling off the family heirlooms"—to find a solution.

Speaking on RaajjeTV’s "Fala Surukhee" program, Didi stated that while the government’s struggle to secure foreign currency is evident, it is equally apparent that they lack a clear strategy to resolve the issue.

All these developments highlight the government's incompetence, as it continues to make extensive efforts to extract more money from the public's pockets. Didi noted that the government is working relentlessly to achieve this, even by amending existing laws.

They have exerted immense effort to pass laws aimed at seizing the meager savings of the people, and those efforts continue. However, because they are unable to find any solution to the economic collapse caused by their own incompetence, they are now handing over reclaimed land to foreign parties—land that was originally intended to provide housing and a prosperous life for the benefit of the citizens. No Maldivian citizen will benefit from this. There is talk of building five-star hotels and similar projects, but there are no substantial details. What benefit does this bring to the Maldivian people? What will be the consequences of handing over a large portion of that reclaimed land to foreigners? As I see it, this is being done solely out of a desperate need for dollars.

Ahmed Didi

Just two weeks after President Dr. Mohamed Muizzu denied reports that the government intended to grant land in Rasmalé to foreign entities, the Maldivian government on Monday signed an agreement with the renowned Abu Dhabi-based developer, Eagle Hills, to undertake a massive $20 billion project in Rasmalé.

Defending the government's decision, Finance Minister Hassan Zareer stated that the current dollar shortage facing the Maldives will be resolved through the "Eagle Hills" project.

The Minister stated that the project has been structured to prevent the outflow of US dollars from the country. Zareer further noted that the foreign currency generated through this initiative will be channeled directly into the Maldivian banking system and the domestic economy. According to Zareer, the project is designed to address the current challenges in dollar liquidity, providing significant relief to the ongoing foreign exchange difficulties.

Since President Dr. Mohamed Muizzu assumed office, the public has been facing significant challenges in accessing US dollars. Amidst widespread rumors of a dollar shortage at the Bank of Maldives (BML), it has recently been revealed that the government has also secured several hundred thousand dollars in loans from private parties.