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Former President Mohamed Nasheed has criticised the government’s economic policies, saying rising dollar costs are hurting families and businesses amid concerns over debt repayments.
Mariyam Adheela
Opposition MDP's Chairperson and Former President Nasheed speaking in the press conference - Photo: MDP
MALE’, Maldives — Former President Mohamed Nasheed has criticised the government over the rising cost of US dollars, saying its efforts to address the country’s foreign currency shortage have failed.
In a post on X, Nasheed said people holding money in rufiyaa accounts were struggling to convert it into dollars, while the cost of obtaining foreign currency continued to rise.
Nasheed said the shortage was creating serious difficulties for families supporting children studying abroad and for businesses that depend on foreign currency.
He added that the government’s policies had failed to resolve the shortage, leaving individuals and businesses facing mounting financial pressure.
Nasheed also said the Maldives had avoided defaulting on its debt obligations this month after India extended the repayment period for a currency swap arrangement.
His remarks highlighted concerns about the country’s ability to meet its external financial commitments amid ongoing foreign currency challenges.
Nasheed also criticised President Dr Mohamed Muizzu’s visit to Pakistan, questioning the government’s priorities at a time when the Maldivian economy faces significant challenges.
The dollar shortage remains a concern for businesses and households that need foreign currency for imports, overseas education and other international payments.
