Former Foreign Minister Abdulla Shahid has expressed concerns over the government’s recent move to amend the Maldives Monetary Authority’s (MMA) Foreign Currency and Money Changer Regulation, cautioning that the changes were made without adequate consultation with stakeholders.
In a post shared on X, Shahid warned that the amendments could harm the Maldivian economy, particularly the tourism sector, the country’s largest industry.
According to Shahid, businesses and enterprises form the backbone of the Maldivian economy, and any significant policy changes should be carefully planned to safeguard enterprises of all sizes — from small and medium businesses to large corporations. He emphasized that abrupt policy adjustments aimed at achieving short-term political gains could risk the livelihoods of Maldivians by undermining entire industries.
Shahid urged President Dr. Mohamed Muizzu and the government to prioritize dialogue and adopt a more collaborative approach to ensure that policy changes benefit the country without jeopardizing its economic stability.
The statement highlights ongoing concerns within the business community regarding potential impacts on the tourism industry and calls for a balanced approach to economic regulations.
In a post shared on X, Shahid warned that the amendments could harm the Maldivian economy, particularly the tourism sector, the country’s largest industry.
According to Shahid, businesses and enterprises form the backbone of the Maldivian economy, and any significant policy changes should be carefully planned to safeguard enterprises of all sizes — from small and medium businesses to large corporations. He emphasized that abrupt policy adjustments aimed at achieving short-term political gains could risk the livelihoods of Maldivians by undermining entire industries.
The Government's move to amend @MMA_Maldives Regulation on Foreign Currency and Money Changer Regulation without adequate consultation with relevant stakeholders' risks inflicting serious harm on the economy, especially the largest industry in the #Maldives - Tourism.
— Abdulla Shahid (@abdulla_shahid) November 15, 2024
Businesses…
Shahid urged President Dr. Mohamed Muizzu and the government to prioritize dialogue and adopt a more collaborative approach to ensure that policy changes benefit the country without jeopardizing its economic stability.
The statement highlights ongoing concerns within the business community regarding potential impacts on the tourism industry and calls for a balanced approach to economic regulations.
