Nasheed tells government to stop ‘acting big’ and seek opposition help as dollar crisis worsens

Former President and MDP Chairman Mohamed Nasheed has called on the government to engage with the opposition “without acting big,” amid what he described as a worsening economic situation and soaring commodity prices.

Speaking at the “Dhathivejje” protest on Thursday evening, Nasheed said the country’s debt has now risen above 130 percent of productivity. He said the government is currently paying its debt using reserves accumulated during the previous MDP administration.

“We have repeatedly told the government not to waste the little money we have. Now the dollar reserves are really empty,” Nasheed said.

Commenting on the price of the dollar, Nasheed said the black-market rate has climbed above MVR 20.05 and is heading towards MVR 23. He warned that Maldives is now moving towards hyperinflation, with commodity prices rising to levels unaffordable for ordinary citizens.

Bodu nuvey, Faisaa neiy nama buney, hoadhaane goiy engey: Nasheedhttps://t.co/mjUhH8kMZn
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Nasheed added that forcing resorts to mark 20 percent of their revenue would cause significant losses to the tourism industry.

“Twenty percent is not a profit. Investors have borrowed from abroad. The government’s encroachment on their own money in this way will only further deplete the dollar,” he said.

Nasheed called on the government to bring the dollar rate down to MVR 19 within 20 days, saying the MDP knows how to achieve it. He urged the government to seek assistance instead of acting proud.

“Don’t be haughty, talk to us. We know how to get the money. The people are asking the government to change its policy and bring down the dollar,” Nasheed said.

He reminded protesters that freedom of expression and assembly are constitutional rights, and that political parties have a responsibility to raise public grievances.

MDP chairperson at the frontline against the dictatorship @MohamedNasheed ???????? pic.twitter.com/kJz0oJafWj

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The MDP planned for the protest to begin outside the Social Centre and march directly down Majeedhee Magu to maximise public visibility. However, Home Minister Ali Ihusaan declared that protests would not be permitted on Majeedhee Magu due to heavy Thursday-night traffic, instructing demonstrators to move to the outer ring road instead.

Despite the ministerial ban, the MDP proceeded with its planned route. Police have blocked off the road near the Social Centre, preventing protesters from moving further down Majeedhee Magu.

The protest is continuing despite heavy rain, though local commentators note that the weather and political friction have resulted in a lower-than-expected turnout.