News Desk
MALE’, Maldives — The opposition Maldivian Democratic Party (MDP) has raised pointed concerns about the development of Velana International Airport, criticizing the financial decisions made under former President Abdulla Yameen’s administration.
MDP Chairman Fayyaz Ismail has described the move to build a new international terminal, coupled with significant debt, as a politically motivated decision that has strained the nation’s economy. In a post on X, Ismail alleged that the cancellation of a prior agreement with GMR, an Indian infrastructure company, to manage the airport — originally granted in 2010 under former President Mohammed Nasheed — was a misstep.
He claimed that the subsequent decision to fund the terminal’s construction through loans was detrimental to the Maldives’ interests. He suggested that without the debt incurred in 2014, the Maldives could have seen a significant boost in tourism — a cornerstone of the nation’s economy — potentially attracting over four million visitors annually and doubling GDP.
Ismail estimated the economic fallout from these decisions at $60 billion, attributing responsibility to what he called misguided economic policies linked to Strongman Yameen’s People’s National Front and its “frontonomics” approach.
Despite the sharp critique, Ismail’s tone reflects a broader call for accountability rather than personal animosity, emphasizing the need to address the Maldives’ economic challenges.
It is worth mentioning that Yameen, speaking to supporters in his political saloon, said that President Muizzu does not even have a 10 percent stake in the new terminal and that former President Ibrahim Mohamed Solih added $300 million to the project’s cost to commit corruption. The additional $300 million was used to win the 2019 parliamentary elections, Yameen alleged, though he provided no evidence to support these claims.
The opposition leader argued that the loans taken for the airport project limited the government’s ability to address other pressing needs of Maldivians. The opposition’s concerns come as the country grapples with completing the new terminal, a project that has drawn both praise for its ambition and scrutiny for its cost.
Former President Mohammed Nasheed, a prominent MDP figure, offered a more optimistic perspective while acknowledging the challenges. In a post on X, he described the new terminal as potentially “very beautiful” but cautioned that true development extends beyond physical infrastructure. For the airport to fulfill its promise, Nasheed argued, the Maldives must escape its current “debt trap,” grow its economy, and increase government revenue.
The expansion of Velana International Airport is a flagship project aimed at modernizing the Maldives’ tourism infrastructure. Tourism accounts for nearly a quarter of the nation’s GDP, with about 1.7 million visitors annually before the project began. However, with millions spent and the terminal still incomplete, the opposition’s critique underscores broader questions about balancing ambition with fiscal responsibility.
As the administration of President Muizzu navigates these challenges, the government has emphasized its commitment to fostering economic growth. The debate over the project reflects the delicate balance between investing in infrastructure and safeguarding the Maldives’ financial stability, a concern that resonates deeply in a nation reliant on tourism and vulnerable to economic volatility.
As the new terminal nears inauguration, its success will likely be measured not only by its aesthetic appeal but by its ability to contribute to a sustainable economic future.
