Former Economic Minister Denounces Muizzu as Most Incompetent Leader in Maldivian History

MALE’,  — Fayyaz Ismail, the former Minister of Economic Development, launched a blistering attack on President Dr Mohamed Muizzu on Thursday, labelling him the most incompetent leader the Maldives has ever seen as economic pressures escalate across the archipelago.

In a statement published on social media platform X, Fayyaz voiced grave concern over the sharp depreciation of the national currency, noting that the black market exchange rate for the US dollar had surged to a record 21.44 rufiyaa.

Fayyaz accused the state-backed Bank of Maldives (BML) of participating in unlawful currency market operations to artificially prop up the economy. Furthermore, he alleged that the administration is preparing to inject more than 2.4 billion Maldivian rufiyaa into circulation through unbacked money printing.

“President Muizzu continues to compound one mistake with another, inflicting irreversible damage on the nation’s economy,” Fayyaz said. “He displays complete disregard for the advice and guidance of field experts.”

He warned that pumping vast sums of liquidity into a fragile financial system would drive the parallel market rate for foreign exchange to unprecedented heights.

The former minister revealed that the controversial currency expansion initiative has triggered severe institutional pushback. According to Fayyaz:

• Roughly ten senior officials and board members across the Maldives Monetary Authority (MMA) and the Maldives Pension Administration Office have resigned in protest.
• Technical staff at both institutions face heightened political pressure, with several forcibly dismissed for opposing the administration’s monetary directives.

Concluding his statement, Fayyaz asserted that President Muizzu is either profoundly unfit for office or willfully inflicting economic ruin on the public, claiming the administration has lost all institutional credibility.