Former President Abdulla Yameen Abdul Gayoom has claimed that the Maldives’ economy is "heading down head first,” citing corruption figures and economic indicators during a rally on Wednesday.  
Speaking at the RESET rally at Artificial Beach, Yameen responded to President Dr. Mohamed Muizzu’s recent remarks that the economy had recovered from the downturn under the previous MDP government. Yameen countered with numbers, insisting the economy is “upside down.”  
“It is not the economy that is standing, in fact the economy is upside down,” he said.  
Yameen first addressed corruption; said it has worsened since 2020. He noted that during his administration, the Maldives ranked 40th in the global corruption index, and at one point reached 31st, ahead of many OECD and first-world countries.  
Former President Abdulla Yameen Abdul Qayoom speaks at his party People's National Front (PNF) RESET rally at Artificial Beach, Male' City on December 17, 2025. (Sun Photo/Mohamed Afwan)
By contrast, he said the Maldives is now ranked 96th, which he argued will hinder credit ratings and deter investors.  
“You can’t get a Moody’s ranking if the corruption index is at this level. If the corruption is at this level, no one in the world will come to invest here,” Yameen said.  
Yameen also highlighted inflation, saying that in 2018 it had not reached two percent, while today it stands at 22 percent. He linked this to the dollar exchange rate, noting that USD 1 now trades at MVR 21, which he described as a major concern.  
A chart former President Abdulla Yameen Abdul Qayoom referred to, depicting inflation rates, during his party People's National Front (PNF) RESET rally at Artificial Beach, Male' City on December 17, 2025. (Photo/PNF)
He argued that these conditions leave the government unable to secure international loans, forcing it to borrow domestically. He claimed the Bank of Maldives (BML) has extended large debts to the government, limiting its ability to lend to private businesses and slowing the economy.  
Yameen accused the current administration of lacking transparency, saying it “only wipes its face and pretends to be royal on the outside.” He challenged financial experts to respond to his points, stressing that economic progress must translate into improved living conditions for Maldivians.