Tuesday 26th Sep 2023
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MP Ahmed Shiyaam

Maldivian financial system lacks investor confidence: MP Shiyaam

Member of Parliament for Naifaru constituency Ahmed Shiyam says that Maldivian financial intelligence is with India due to which investors have lost faith in the Maldivian financial system.
Speaking on the decree proposed to retain tourism-generated funds within the country, Shiyam said that the government’s role in it is unparalleled.
Shiyam argued that since most of the investors in the tourism industry were foreign parties, the country is slowly losing their trust in the Maldivian financial capability.
Shiyam stated that the independence of the country was questionable and therefore its financial decisions is not considered to be independent by these investors either. He explained that this is because a certain country has invaded the Maldives preaching the security of the Indian Ocean.
The MP asserted that India knows of the investment offers coming to Maldives even before Maldivian knows about it and it was clear that the country’s financial intelligence lies with India as well.
Shiyam accused the government of attempting to “print money” instead of rectifying these issues.
Shiyam also said that the government hasn’t utilized any of the recommendations by IMF to improve the financial situation within the country.
Furthermore, Shiyam said that the government hesitates to work with rating agencies as they now work solely through bribery. Since these international rating agencies can’t be bribed, when their standard ratings are released, the state’s low standing is revealed.
Shiyam listed out the reasons why he thought investors show hesitance in investment opportunities in the Maldives.