News Desk
MALE’ — A worsening foreign exchange shortage, lavish state expenditure, and a string of stalled megaprojects have prompted the opposition Maldivian Democratic Party (MDP) to file a formal no-confidence motion against Economic Minister Mohamed Saeed.
The motion, signed by 13 opposition lawmakers, focuses heavily on what the MDP describes as severe economic mismanagement and a deliberate failure by Minister Saeed to uphold his constitutional obligations to the public and the People’s Majlis.
At the heart of the opposition’s push to remove the minister are six detailed grievances outlining the country’s current financial distress:
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The Foreign Exchange Crisis: The MDP holds Minister Saeed responsible for failing to address the acute dollar shortage, which has seen black-market rates climb past MVR 21 per US dollar. The motion criticises the minister for brushing off the currency slide as a “natural phenomenon” rather than introducing viable policy solutions.
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Fiscal Negligence: The opposition cited heavy spending on overseas investor forums and ceremonial launches during a period of acute national debt. Specifically, the motion highlighted the Development Bank of Maldives, which absorbed MVR 6.56 million in public funds by March last year without delivering any operational services.
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Surrender of Fiscal Control: Recent amendments to the Special Economic Zones (SEZ) Act under Saeed’s purview have drawn sharp criticism. The MDP argues that introducing foreign-managed “townships” with vast tax concessions threatens state sovereignty and deprives the treasury of vital revenue.
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Failed Flagship Commitments: The motion underscores major economic promises that have failed to materialise, including a missed $400 million revenue target from offshore bunkering services, undisclosed plans regarding a proposed $9 billion financial centre, and zero physical progress on the “Maldives Economic Gateway” project in Ihavandhippolhu despite allocating large lagoon areas to foreign entities.
In addition to economic failures, the MDP explicitly charged Minister Saeed with violating Articles 132, 134, and 136 of the Constitution, alleging that he neglected his core ministerial responsibilities, failed to remain accountable to Parliament, and breached rules governing executive conduct.
The ruling party, however, moved quickly to reframe the opposition’s grievances as political theatre.
Ibrahim Shujaau, Vice President of the ruling People’s National Congress (PNC) and MP for the Baarah constituency, stated on X (formerly Twitter) that the ruling coalition would easily defeat the motion on the house floor.
Shujaau asserted that the MDP’s motion was motivated by political envy over President Dr Mohamed Muizzu’s economic agenda. He noted that the opposition lodged the submission on the exact day the Maldives-Turkey Free Trade Agreement came into force—a landmark deal spearheaded by Saeed that the previous MDP government failed to achieve.
Government supporters also pointed to the MDP’s own controversial parliamentary record, reminding the public that the party used its former majority in the 19th Majlis to stall cabinet approvals when President Muizzu first took office—a tactic historically unprecedented in Maldivian democracy.
Given that the PNC-led coalition holds a commanding majority in the People’s Majlis, the motion is virtually guaranteed to fail, yet it firmly places the government’s economic record at the centre of national debate.
