Nasheed Calls for Halt to Non-Essential Government Spending Amid Dollar Shortage
Mohamed Nasheed on July 14, 2026 | Photo: X user @lucasjalyl
Former President Mohamed Nasheed has called on the government to halt all spending except on essential services until the value of the US Dollar falls, including a suspension of infrastructure projects.
In a post on X yesterday, Nasheed said unfinished infrastructure projects in the islands should instead be handed over to island councils, which could complete the work through cross-subsidy arrangements.
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His comments come as the Maldivian Democratic Party (MDP) Parliamentary Group seeks a meeting with Maldives Monetary Authority (MMA) Governor Ahmed Munnavar to discuss the ongoing foreign currency shortage and its impact on the public and businesses.
Dollar ge agu thiri nuvanees Sarukaarun asaasee khidhumaiy thakah kuraa kharadhu fiyavaa ehves kharadheh kurun rangalheh noon. Umraanee hurihaa masahkatheh huhtaalan jehey. Rahrashugai nunimi huri project thah Rashu Council aa havaal kurun rangalhu vaane. Council in cross subsidy…— Mohamed Nasheed (@MohamedNasheed) July 18, 2026
Last week, North Galolhu MP Mohamed Ibrahim requested a meeting with the governor this week to discuss the challenges caused by limited access to foreign currency and explore how the parliamentary group could assist in addressing the issue.
The MDP has also raised concerns about the foreign exchange situation during a panel discussion titled “Dollar en Neiy” held on 12 July. Former Hulhudhoo MP Ilyas Labeeb said that although dollar inflows to the Maldives had increased, the MMA was not releasing foreign currency to banks at a corresponding rate. He said this had made it difficult for banks to provide dollars to businesses and members of the public.
Labeeb also cited Bank of Maldives’ reported purchase of US dollars at rates above the official parallel market rate as evidence of the difficulties banks face in accessing foreign currency.
The MDP Parliamentary Group has said its proposed meeting with the MMA governor would focus on the effects of the foreign currency shortage on the Maldivian economy and the public, as well as possible measures to address the issue.
