Resort tycoon Mohamed Moosa calls for longer govt term to address dollar shortage
He noted that despite the Maldives’ small population, the geographic spread and infrastructure needs require borrowing to fund projects and services.
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Businessman Mohamed Moosa, known as Uchchu, has said he believes the government’s term should be extended to address the Maldives’ dollar shortage.
Speaking on the Dheno podcast, Moosa, who owns several resorts, discussed dollar inflows, expenditure, and ways to resolve the shortage.
“The Maldives is a place where dollars flow compared to many other countries, but there are over 200 inhabited islands, each with needs that require spending,” Moosa said.
He noted that despite the Maldives’ small population, the geographic spread and infrastructure needs require borrowing to fund projects and services, all of which demand foreign currency.
“Five years is too short for the Maldives to rule,” Moosa said, adding that the remoteness of islands and transport challenges increase the cost and time needed to meet people’s needs. He also said that being an import-dependent country places additional strain on foreign currency reserves.
“In other places, you can drive to get everything done. They have their own wood, stone, gravel, and iron. Here, we have none of that,” he said.
Moosa argued that effective governance requires at least 10 to 15 years for any leader. He also said the dollar is unlikely to depreciate due to consistently high demand, which is driven by loan repayments, project financing, and personal use.
