Nasheed: President Muizzu’s unpopular and incompetent administration is leading the Maldivian people into an abyss
15 އޮކްޓޯބަރު 2026 | ބުރާސްފަތި 08:55Former President Mohamed Nasheed has expressed grave concern over the Maldives' declining economic situation, noting that the rising value of the US dollar is driving up the cost of living. Nasheed criticized the government's lack of sound economic policies, stating that businesses are struggling due to a lack of strategic planning regarding debt repayment. Furthermore, he accused the administration of maintaining a lack of transparency and acting with duplicity on matters of national interest.
Former President and MDP Chairperson Mohamed Nasheed addresses the 5th National Congress of the Maldivian Democratic Party (MDP). | MDP
The Chairperson of the MDP and former President, Mohamed Nasheed, has stated that President Dr. Mohamed Muizzu’s unpopular and incompetent administration is leading the Maldivian people into a deep abyss.
Speaking at an MDP rally held Wednesday night, Nasheed stated that every Maldivian citizen is witnessing the country's declining economic situation.
He noted that the dollar exchange rate remains at 22.50 Rufiyaa, adding that the failure to stabilize the rate has led to a continuous surge in market prices for essential goods.
Highlighting the government's complete lack of understanding regarding fiscal and economic policy, Nasheed noted that businesses are facing severe profit losses due to difficulties in sourcing dollars for imports and processing telegraphic transfers (TTs). Nasheed further asserted that the government is implementing reckless and ill-conceived measures concerning the tourism industry.
The Maldives currently stands at a perilous crossroads. Every citizen can see that the nation's economy is on the brink of collapse. The exchange rate for the US dollar remains stagnant at 22.50 MVR, with no sign of decreasing. As the value of the dollar continues to climb, the cost of goods in our markets is skyrocketing. Due to a complete lack of understanding regarding necessary fiscal and economic policies, the increasingly unpopular and incompetent administration of Dr. Muizzu is leading the Maldivian people blindly toward a devastating abyss.Mohamed Nasheed
Nasheed stated that there is a lack of strategic planning in debt repayment, noting that the state's entire dollar reserves have been depleted to settle debts. He further characterized the government's current efforts to source foreign currency as hypocritical and disingenuous.
Furthermore, Nasheed stated that before coming to power, they deceived the public by speaking of nationalism, the flag, and every grain of sand, while labeling MDP members as irreligious and foreign puppets. Nasheed added that after such rhetoric, the government is now accused of granting land in Ras Malé to Eagle Hills for an indefinite period under opaque conditions. He emphasized that the manner in which such matters are being handled is unacceptable.
