Nasheed: Reserves Cannot Cover Two Weeks of Essential Imports, Government Lacks Direction

MDP Chairperson and former President Mohamed Nasheed has criticized President Dr. Mohamed Muizzu’s administration as "aimless," asserting that its policies are harming the public. Nasheed further claimed that the country’s foreign currency reserves have depleted to the point where there are insufficient dollars to cover even two weeks' worth of essential imports.

Speaking at a press conference held during his visit to Addu City Hulhudhoo for the Women's Development Committee by-election campaign, President Nasheed stated that the public must reflect on what President Muizzu’s administration has actually achieved for the people over the past three years.

Nasheed further stated that throughout this government's tenure, there has been no visible progress, no completed projects, and no new job opportunities created, whether in Hulhudhoo or any other part of the country.

This administration has failed to take a single step toward fostering business growth, introducing new industries, or ensuring sustainable economic prosperity. The government's current policies are causing significant hardship for all citizens across the country. The exchange rate for the US Dollar has now surged past 23 Rufiyaa.

Mohamed Nasheed

President Nasheed stated that commodity prices have reached extreme highs today. During his visit to Hulhudhoo to inspect market rates, he noted that the prices of certain goods have surged by 20 to 30 percent.

Asserting that there is neither meaning nor purpose in voting for the PNC, President Nasheed characterized the current administration as one lacking both policy and direction. He noted that changes purportedly introduced to solve issues are often reversed the very next day, highlighting that all measures previously claimed to address the dollar shortage have now been overturned.

The initial measure introduced to address the dollar shortage required every tourist to exchange $500. A week later, this was changed to 20 percent, and shortly thereafter, it was adjusted again to 40 percent. None of these measures have proven effective. The Maldives' usable reserves are depleting daily. Currently, our reserves lack sufficient foreign currency to cover even two weeks' worth of imports.

Mohamed Nasheed

Nasheed stated that this administration is inconsistent and lacks a clear sense of direction, shifting its stance from one day to the next, with the public ultimately bearing the brunt of the consequences. He further asserted that keeping President Muizzu in power would be detrimental to both the people of the Maldives and the nation as a whole.