Current Gov’t Has Not Brought in New Foreign Currency for Over Two Years, Ameer Claims

Former Finance Minister Ibrahim Ameer has claimed that the government has not secured any new foreign currency inflows for more than two years, arguing that the dollars currently circulating in the country stem from agreements signed during the previous Maldivian Democratic Party (MDP) administration.

Speaking at an MDP panel discussion on the country’s dollar shortage on Sunday night, Ameer said the government had not brought in any foreign currency included in the state budget during 2025 and 2026.

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He said that all foreign currency received over the past two and a half years had come through agreements concluded during the previous MDP administration.

Ameer also alleged that foreign currency available in the country had been spent on what he described as government waste and unnecessary projects.

He further claimed that the government was preparing to finance spending by printing money through the Maldives Pension Administration Office’s pension fund. According to Ameer, prospective candidates for the pension fund’s board were being asked whether they supported printing money.

He argued that this was one of the factors placing additional pressure on the availability of US dollars in the economy.

Ameer also said the current administration had come to office promising to resolve the country’s foreign currency shortage but had failed to do so despite announcing several timelines for addressing the issue.

He added that the pressure on the foreign exchange market had intensified, with the exchange rate for the US dollar remaining above MVR 20 for several consecutive days.