MDP’s Chairperson, former president Mohamed Nasheed, stated on Wednesday night that companies are encountering major challenges in importing products and paying utility bills, leading to a notable drop in profits.

During an MDP event this evening, Nasheed expressed strong disapproval of the current government's economic and financial strategies. He stated that the Maldivian economy is worsening daily, as the US dollar exchange rate pushes prices to new highs and imposes significant pressure on both individuals and companies.

Nasheed also mentioned that companies are finding it difficult to pay invoices and finalize import processes, which he stated has greatly affected their profitability.

"Business proprietors find themselves in a difficult situation." They are unable to import products, and they cannot execute TT (Telegraphic Transfer) payments. "Their earnings have dropped drastically," Nasheed stated.

Considering the nation's financial condition, he claimed that the government is settling foreign debts without proper planning by depleting available dollar reserves all at once. Consequently, he asserted that the nation is currently experiencing a significant deficit of US dollars.

Nasheed also condemned the government's attempts to obtain foreign currency from the tourism industry. He pointed out that after first suggesting a compulsory exchange of USD 500 per traveler, the government changed the requirement to 20 percent and then later to 40 percent. When these efforts did not produce the expected funds, he stated that the government tried to mandate foreign tour operators to pay GST, yet no substantial revenue was created.

Challenging the government's transparency, Nasheed claimed that even Parliament is unclear about the specifics of agreements for government-led initiatives and their implementation status.