When wealth gains too much influence over power, government risks becoming a tool for a few rather than a service for all.
Sadly, this is the situation in the Maldives today.
🚨 Special delivery
Official Second Place Trophy for Hithadhoo North!
1,313 votes… so close, yet so far.
3rd silver medal in a row.
Keep it up PNC pvt ltd.
People were already struggling with foreign transaction limits, and now from June 2, even normal overseas POS card usage reportedly comes with “up to 30%” charges and separate “up to 15%” cross-border fees according to the bank hotline.
At this point, people are not even sure what the final cost of using their own card abroad will be anymore.
If achieving this level of Fitch rating comes at the cost of squeezing ordinary people from every direction, then it is becoming an expensive achievement for the public.
And the worst part is, something this serious was introduced without properly informing the public beforehand.
Instead of proudly saying “I saved the economy” like some Superman, it would have been more honest to say,
I am proud of the Maldivian people who carried the burden, sacrificed daily comforts, and suffered through the pressure while others enjoyed the spotlight and the speeches.
For years while in opposition, PNC focused on emotional narratives like Indian military presence, religion and slogans about protecting the nation.
They also promised that under their government, economy would improve and people’s daily lives would become easier.
Now after more than 2 years in power,
dollar crisis is worse, black market keeps growing, utility bills have skyrocketed, and even basic things like paying for a doctor’s consultation or online services with bank cards have become difficult for many people.
Past governments also had debt, faced criticism, and made mistakes too but ordinary people still felt more stable and comfortable in their daily lives than they do today.
A country’s success cannot be measured only through Fitch upgrades, press releases, or political praise. People measure success by how they actually live every day.
If people are expected to stay satisfied with temporary utility discounts and a few tuna cans during Ramadan while facing tighter restrictions, rising daily pressure, and endless economic struggles everywhere else, then good luck with that approach.
Blind political loyalty while ignoring the real struggles of the public is not leadership, it is denial.
Fitch’s upgrade should be seen beyond politics.
For Maldives, a better credit rating means stronger credibility when negotiating with lenders, investors and development partners. It can improve access to financing, reduce risk premiums, and give the country more room to manage future debt responsibly.
This is why the successful repayment of the USD 500 million Sukuk mattered. It was not just one payment. It changed how markets and institutions assess Maldives’ near term risk.
At a time of global uncertainty, Maldives is now better positioned than it was a few months ago.