The Mohamed Muizzu administration proposed National Budget 2025 does not represent the interests of the people, the opposition Maldivian Democratic Party (MDP) Chair Fayyaz Ismail has said.
Ismail, posting on social media, said that the proposed MVR 56.6 billion budget will not raise the standard of living for the average citizen and will instead take more money from citizens and businesses via taxes, which will then be lost to government waste.
“What has been proposed does not reflect the reality of the reforms needed for economic recovery efforts post-COVID-19,” he noted.
According to Ismail, the Muizzu administration will need to borrow an additional MVR 16.9 billion to cover the budget.
“The administration is already failing to raise money, and there is no proper plan on how to do so. Most of the funds which have been budgeted for look towards borrowing from foreign commercial banks for budget support. This is a worrying financing strategy,” he said.
Ismail further highlighted the risks posed by the administration’s outlook—indicated by the proposed budget—to private businesses due to low foreign aid, low US dollar reserves, and the risk of sovereign default.
The budget does not include expenditure breakdowns of salary payments nor a list of projects, which, according to Ismail, exacerbates the Muizzu administration’s secretive position — hindering Parliament from holding the executive accountable.