The government has racked up MVR 13 billion in outstanding bills owed to private businesses, as small businesses collapse under the weight of heavy debt, says Fayyaz Ismail, the chairperson of the main opposition Maldivian Democratic Party (MDP).
He made the remarks in a post on X on Wednesday afternoon, in response to reports of shortages and sharp hikes in the prices of essential food products in the market.
“The price of an apple has risen to MVR 10. The price of a kilo of onions is above MVR 50. We are suffering food shortages, and amid the shortage in medicine, the prices of essential commodities have skyrocketed. The USD rate is above MVR 20.20,” wrote Fayyaz, who served as economic minister in the previous MDP administration.
“Small businesses have collapsed under the weight of heavy debt. The outstanding bills owed by the government amounts to MVR 13 billion. The country’s economy has collapsed.”
Fayyaz expressed concern over lack of comment from the Maldives Monetary Authority (MMA) amid the situation, despite being mandated by the Constitution to conduct the country’s monetary policy.
MDP’s parliamentary had sent a letter on July 16 seeking a meeting with MMA’s governor Ahmed Munawar to discuss concerns over the soaring USD rate in the black market.
However, MDP has said that they have not received a response and have repeatedly gone to the MMA headquarters seeking a meeting.
But they have yet to be granted a meeting with Munawar.
On Wednesday, Fayyaz expressed concern over being denied the meeting.
 “The representatives chosen by the people went into hiding when we attempted to clarify the country’s situation,” he said.
“The MMA, while failing to provide a response, are ridiculing the people.”
އާފަލެއްގެ އަގު 10ރ، ފިޔާ ކިލޯއެއްގެ އަގު 50ރ އިން މަތީގައި، ކާބޯތަކެއްޗަށް ދަތިވެއްޖެ، ބޭސް ނުލިބޭއިރު ޒަރޫރީ މުދަލުގެ އަގުތައް އުފުލިއްޖެ، ޑޮލަރުގެ އަގު ހުރީ 20.20ރ އިން މަތީގައި. ކުދި ވިޔަފާރިތައް ދަރަނިވެ ހަލާކުވެއްޖެ. ސަރުކާރުން ނުދައްކާ ބިލުތައް 13 ބިލިއަން ރުފިޔާއަށް… pic.twitter.com/4MKk7yPynp
— Fayyaz Ismail (@faya_i) July 30, 2025
Fayyaz alleged that the incumbent People’s National Congress (PNC) administration neither understands the plight of the people, and nor does it wish to.
“It’s not that the prices of essentials have gone up. The Maldivian Rufiyaa has depreciated. Given the actions of the government, the situation is down spiraling every day,” he said.
The remarks come with shortages of several types essential produce in the Male’ market resulting in sharp increases in prices.