President to hold consultation with local businessmen

President Dr. Mohamed Muizzu will meet with Maldivian businessmen on Wednesday evening to hear their concerns and seek their views, according to a statement by government spokesperson Heena Waleed.  

The meeting, to be held at the Social Center, is part of a series of public consultations initiated by the President to engage directly with citizens and stakeholders.  

The business community has raised concerns over several government decisions this year. Among them is the awarding of development projects to state-owned companies instead of private firms, a move the government says is aimed at cost-cutting. Critics argue this has deprived private companies of opportunities and disrupted cash flow in the private sector.  

Last month, the government awarded 206 projects to private companies, but faced renewed criticism for bypassing competitive bidding and allegedly favoring firms linked to government officials.  

There have also been allegations that the government has withheld billions in pending payments to private businesses, including bills from the previous administration, leading to financial strain and bankruptcies.  

President Muizzu, who came to power promising to resolve the dollar shortage and eliminate the black market, has faced scrutiny as the dollar rate surged above MVR 20 this year. He recently stated that the rate is expected to fall to MVR 15.45 by the end of 2027.