Nasheed says rejoining MDP feels like "coming home"

Former President Mohamed Nasheed has rejoined the Maldivian Democratic Party (MDP), describing the move as a joyful return “home” after two years away from the party.

Speaking at a celebratory event held at Sultan Park last night, Nasheed said he was delighted to return to the political party he helped found.

“I have been away from the party for about two years. However, when I came here tonight, I felt extremely happy. It feels like I have come home,” Nasheed said.

“You know, I lived in Africa, and I will never forget the joy, the satisfaction, the laughter of coming home again.”

Nasheed thanked MDP Chairperson Fayyaz Ismail, Party President Abdulla Shahid, and members of the party’s National Assembly for the warm welcome.

Nasheed left the MDP ahead of the 2023 presidential election due to political differences with then-President Ibrahim Mohamed Solih.

During his time away, he co-founded The Democrats, a splinter party, which several members have now left to return to the MDP alongside Nasheed.

In his speech, Nasheed said that the biggest challenge currently facing Maldives is its growing national debt. He noted that the government is due to repay USD 1.2 billion next year and that public debt now stands at 120 percent of GDP.

He referenced his administration's first meeting with the International Monetary Fund (IMF) in 2009, when debt reached 50 percent of GDP and was already viewed as alarming at the time.

“When I last checked, the government’s official reserves stood at USD 813 million, including USD 400 million from an Indian currency swap. So, in reality, there is very little left in the [central] bank,” Nasheed said.

He highlighted the importance of the opposition’s role in raising awareness about the country's financial situation.

“This debt must be repaid. One of the biggest responsibilities of the MDP as an opposition party is to tell people what’s happening to the country,” he said.

Nasheed also pointed to rising prices, a weakening local currency, and declining public purchasing power.

“The dollar rate has reached MVR 19.40. Imagine how much a kilogram of onion, potato, grain, or rice will cost,” he said.

“Before, I could shop with MVR 300. Today, even MVR 500 is not enough. Salaries haven’t changed, rent hasn’t changed, electricity and water bills haven’t changed, but the cost of living is increasing every day.”

He further criticized the government’s spending priorities, saying funds are now limited to salaries, with little investment going into the broader economy.

There is no money being spent to grow the economy, he said.

Nasheed said that only MDP has the leadership and capacity to resolve the Maldives’ economic challenges.

“MDP is not a one-size-fits-all party. There is no other party in Asia that can truly change a country and bring happiness to its people,” he said.

“MDP knows how to repay the state debt and recover lost finances. We have always prioritized the safety and well-being of the people.”