Prominent businessman Champa Mohamed Moosa (Uchchu) has claimed that the Maldives’ dollar shortage could be resolved by extending the presidential term.
Speaking on an online podcast, Uchchu argued that despite the Maldives being one of the world’s largest dollar recipients, high operational costs and borrowing needs keep demand elevated. He said the country’s small population does not reduce the scale of its economic needs, and essential projects still require significant foreign currency.
Uchchu suggested that the current five-year presidential term is too short for leaders to implement long-term economic solutions, proposing a term of 10 to 15 years instead. He also expressed doubt that the demand for the US dollar in the Maldives would decline, citing persistent needs for imports and debt servicing.
While Champa Mohamed Moosa (Uchchu) suggests extending the presidential term, the Constitution limits the Maldives’ president to a maximum of two five-year terms.
Speaking on an online podcast, Uchchu argued that despite the Maldives being one of the world’s largest dollar recipients, high operational costs and borrowing needs keep demand elevated. He said the country’s small population does not reduce the scale of its economic needs, and essential projects still require significant foreign currency.
Uchchu suggested that the current five-year presidential term is too short for leaders to implement long-term economic solutions, proposing a term of 10 to 15 years instead. He also expressed doubt that the demand for the US dollar in the Maldives would decline, citing persistent needs for imports and debt servicing.
While Champa Mohamed Moosa (Uchchu) suggests extending the presidential term, the Constitution limits the Maldives’ president to a maximum of two five-year terms.
