After spending every available dollar on Ras Male', parts of it have now been sold off without providing any details: Riyaz
10 އޮކްޓޯބަރު 2026 | ހޮނިހިރު 07:52Former Deputy Minister Riyaz Mansoor has warned of significant economic instability, attributing the crisis to the government's failure to secure projected foreign aid and the diversion of dollar revenues toward the Ras Male' project. He criticized the administration’s incompetent policies for exacerbating the domestic dollar shortage and noted that a substantial portion of Ras Male' was sold to foreign entities under terms that offer no tangible benefit to the Maldivian people.
Riyaz Mansoor, former Deputy Minister of Economic Development. | raajjemv
Former Deputy Minister of Economic Development Riyaz Mansoor has criticized the current administration as incompetent, alleging that the government has funneled all available dollar reserves into the Ras Male' project before selling off a significant portion of the land to foreign interests without disclosing any details.
Speaking on a RaajjeTV talk show, Riyaz stated that no parties are providing financial assistance to the current administration. Riyaz noted that although the government included projected foreign aid of 600 million to 900 million in the budget, those funds have not been secured.
This has led to challenges in the dollar supply, with revenue falling short of projected estimates over the past two years.
As I recall, over the past two years, there has been a shortfall of at least $1 billion compared to the figures projected in the 2025 and 2026 budgets. This represents the liquidity that should have been circulating in the market based on original estimates—funds that should have been realized. Naturally, when these funds are missing, a dollar shortage follows. Furthermore, the current administration's response to this situation is making matters significantly worse. In the absence of dollar inflows, the government has resorted to borrowing Maldivian Rufiyaa from the Bank of Maldives and other institutions to fund its expenditures. This has led to a scarcity of dollars while simultaneously flooding the market with Rufiyaa. A massive imbalance is being created, which is a direct consequence of this administration's incompetence and its flawed fiscal policies.Riyad Mansoor
Riyaz stated that it is also necessary to investigate the destination of the country's dollar revenues. He noted that the whereabouts of these funds remain unclear, adding that the current administration is not spending on Public Service Investment Program (PSIP) projects. He further alleged that the government is funneling all available dollar reserves into the Ras Male' project. He pointed out that, ultimately, a significant portion of that project has been sold off in a manner that does not benefit the Maldivian people.
Riyaz reiterated that the government's failure to disclose any details regarding the matter further demonstrates its flawed policies and inherent incompetence.
