Former President Mohamed Nasheed has stated that the outgoing president, Ibrahim Mohamed Solih, is concluding his term, leaving the country in an extremely challenging position.
In a post on X, Nasheed highlighted the precarious state of the state treasury and its potential impact on the incoming administration led by President-elect Dr. Mohamed Muizzu, set to be sworn in today.
"President Solih and the MDP are ending their term, leaving the state treasury in a deplorable state rarely witnessed before. We are at a critical juncture. Even Dr. Muizzu would face challenges in securing budget support. December would be a hard month," he wrote.
After exhausting the MVR 40.7 billion budget for the year, the Finance Ministry proposed a Supplementary Budget of MVR 6.5 billion to cover the financial needs for the remainder of the year. The Parliament's budget committee has approved the budget.
According to Finance Minister Ibrahim Ameer, official reserves stood at US$ 550 million as of October 26. If the anticipated financing for this year is secured, the reserve would reach US$ 618 million by the end of the year, he predicted.