Member of Parliament for Mahibadhoo constituency, Ahmed Thoriq (Tom), delivered a powerful address highlighting the severe economic repercussions of the previous MDP administration’s fiscal decisions, accusing it of plunging the nation into a “debt crisis of historic proportions”. Speaking during President Dr. Mohamed Muizzu’s southern atoll tour, Thoriq outlined the government’s current efforts to repair the financial damage left behind.
Thoriq asserted that the MDP government irresponsibly took massive loans under various pretexts while mortgaging key national assets — including Dharumavantha Hospital and Aminiya School — despite repeated warnings from the then-opposition. “We told them it wasn’t right to mortgage schools and hospitals. Now we are the ones paying the price,” he said, emphasizing the burden inherited by the current administration.
The MP further explained that the MDP government expanded its debt through Sukuk issuances, mortgaging national properties to raise a $500 million Sukuk bond while also repaying earlier obligations. He revealed that these debts, along with a $150 million loan taken through STO, have now fallen due, with major repayments scheduled for next year.
Addressing remarks made by former presidents Abdulla Yameen Abdul Gayoom and Mohamed Nasheed, Thoriq said their criticism of the current government’s debt management is misplaced, noting that many of the liabilities originated under their own administrations. “A large portion of state revenue is still being used to service loans taken during their terms” he pointed out.
Thoriq also discussed the government’s decision to enforce a law ensuring 20% of foreign currency income circulates within the Maldivian economy — a measure he described as “difficult but necessary” to secure vital imports like fuel. “Out of every billion dollars entering our economy, $700 million is spent on fuel to keep the lights on for our people” he said. “This law ensures the state has access to dollars for essential services”.
He criticized influential private actors controlling foreign exchange flows, stating that a small group of businessmen dominates the $5 billion tourism sector. “Until they start circulating dollars locally, the exchange rate pressure will persist” Thoriq warned, adding that President Muizzu’s government is determined to confront these entrenched financial interests.
Despite the heavy burden of inherited debt, Thoriq expressed confidence in the government’s fiscal direction. He confirmed that the $800 million repayment due next year will be settled without difficulty, supported by strengthened economic cooperation with India and China. “Those who said the Maldives will go bankrupt were wrong” he declared. “Under President Muizzu’s leadership, our nation is regaining financial stability and dignity.”
Thoriq concluded by reaffirming the administration’s commitment to safeguarding the Maldivian people’s rights and restoring national prosperity through discipline, innovation, and accountability — marking a decisive break from the economic recklessness of the past.
