Economy
Statistics from the Ministry of Finance show that the state received 499 million Rufiyaa as free aid within the first eight months of this year. To find a temporary solution to the dollar shortage, it was reported on September 20, 2026, that the government borrowed two million dollars from a private party and deposited it into the banking system. Regarding the economic situation of the Maldives, opposition party chairperson Fayyaz Ismail and Economic Minister Mohamed Saeed exchanged views and engaged in verbal sparring. Refuting reports of selling land from Rasmalé, the government disclosed that 500 hectares of land are being leased for 99 years for the 20 billion dollar project underway with UAE's Eagle Hills company. It has been decided to open special opportunities for Maldivian producers at the farmers' market in the upcoming Ramadan. A project to build fuel skids in 18 islands to provide fuel at STO prices to fishermen and the public is scheduled to be carried out in collaboration with STO and FSM. It has been revealed that since 2013 under the Parliamentary Privileges Act, the state has spent more than 101 million Rufiyaa on insurance for members and former members.
As disclosed on Sunday, 20 September 2026, the state has received 499 million Rufiyaa in grants. This money is major financial assistance received to implement key initiatives needed for the development of the nation across various sectors and for the public. This assistance will provide ease to the state budget and add further momentum to proceeding with projects planned by the government. Moreover, this is a significant step forward gained toward strengthening the country's economic management and improving the state's financial condition.
On Sunday, September 20, 2026, Fayyaz Ismail and the Minister of Economic Development and Trade, Mohamed Saeed, delivered important remarks regarding the current economic situation of the Maldives. In this regard, both individuals shared their views on the challenges facing the country's financial and economic sectors, as well as the measures that could be taken to steer the economy back on track. The debate highlighted the steps being taken by the government to advance the economy and how various parties within the political and economic spheres view these efforts. The meeting and discussions primarily focused on key points concerning ensuring the Maldives' financial sustainability and shaping economic policies.
As announced on September 20, 2026, the opportunity to trade and sell goods at the Farmers' Market has been opened exclusively for Maldivian farmers in connection with the upcoming holy month of Ramadan. The primary objective of this opportunity is to facilitate bringing local produce to the market during Ramadan and to provide an adequate business environment for the country's farmers. Furthermore, it was noted that this arrangement would ensure that the public has access to fresh food items at affordable prices during Ramadan.
It was revealed on 20 September 2026 that discussions are ongoing with the government regarding selling a large portion of the Rasmale' project to the famous UAE developer Emaar (Eagle Hills). It is reported that these discussions include leasing plots of land from Rasmale' to a foreign company, and transactions involving developing a waterfront and marina project there. Furthermore, while discussions are being held regarding the construction of social housing units and ways for the state to generate revenue in return for this deal, the opposition and some members of the public have expressed concern, claiming that this is selling off the country's land. However, the government states that the project is an important initiative being carried out in accordance with the law for the economic advancement and housing benefit of the Maldives.
Following the decline in the country's financial situation and the extreme shortage of US dollars, the government has borrowed US dollars from a private party. At a time when usable foreign exchange reserves are declining day by day, the government obtained approximately two million dollars through a private party and deposited it into the bank as a temporary solution to financial difficulties. While confidence has eroded and concerns have emerged among businesspeople and investors regarding changes brought to the country's financial system, relevant experts are calling on the government to take prompt and robust measures to overcome such an economic downturn.
An important project to establish fuel skids in 18 islands across the Maldives has been scheduled to proceed on 20 September 2026. The main objective of this project is to ensure fuel security in those islands and arrange convenient access to fuel for citizens and vessels. The establishment of these systems will bring significant ease to economic activities and transportation in the islands.
According to information disclosed on 20 September 2026, a total of 101 million Rufiyaa has been spent on members' health insurance services. This substantial amount represents the total funds spent by the state budget or the relevant authority during the specified period for members' medical treatment and various types of insurance coverage. Statistics released regarding this expenditure show that coverage for healthcare services was provided to a large number of members under the insurance package.