Former President Mohamed Nasheed, addressed a special rally at Sultan Park on Monday night, June 23, 2025, highlighting the country’s deepening economic crisis. The event also marked his return to the MDP after a two-year absence, welcoming Nasheed and members of his party, The Democrats, back into the MDP following a resolution by The Democrats for its members to rejoin the MDP. The move came two years after a rift between Nasheed and President Ibrahim Mohamed Solih, then MDP president and national leader, which led Nasheed and his supporters to form The Democrats.
Nasheed raised alarms about the Maldives’ worsening debt situation, emphasizing the need for transparency on its financial challenges. He disclosed that the country faces a $1.2 billion debt repayment due next year, but the state lacks sufficient funds to cover it. Nasheed noted that the government’s foreign exchange reserves stand at $813 million, including a recent $400 million currency swap from India. “In reality, there’s nothing left in the reserves,” he said, citing the rising dollar value and increasing commodity prices as further pressures.
Nasheed criticized the government’s spending, which he said has been reduced to only covering salaries, leaving no funds for broader economic initiatives. “There’s no money circulating in the economy, and no way to stimulate growth,” he stated.
Claiming the MDP has a plan to restructure and repay the debt, Nasheed did not elaborate on specific policies. He underscored the opposition’s duty to inform the public about the crisis, pledging that the MDP would continue its efforts to address the nation’s challenges.
The rally also marked Nasheed’s return to the MDP but and highlighted growing concerns about the Maldives’ economic stability as the government struggles with limited resources and mounting financial pressures.
Nasheed raised alarms about the Maldives’ worsening debt situation, emphasizing the need for transparency on its financial challenges. He disclosed that the country faces a $1.2 billion debt repayment due next year, but the state lacks sufficient funds to cover it. Nasheed noted that the government’s foreign exchange reserves stand at $813 million, including a recent $400 million currency swap from India. “In reality, there’s nothing left in the reserves,” he said, citing the rising dollar value and increasing commodity prices as further pressures.
Nasheed criticized the government’s spending, which he said has been reduced to only covering salaries, leaving no funds for broader economic initiatives. “There’s no money circulating in the economy, and no way to stimulate growth,” he stated.
Claiming the MDP has a plan to restructure and repay the debt, Nasheed did not elaborate on specific policies. He underscored the opposition’s duty to inform the public about the crisis, pledging that the MDP would continue its efforts to address the nation’s challenges.
The rally also marked Nasheed’s return to the MDP but and highlighted growing concerns about the Maldives’ economic stability as the government struggles with limited resources and mounting financial pressures.
