Destination Future, a local NGO from the Maldives, have expressed its concerns over the recent changes in the dollar exchange policy and the untimely tax increase.
The NGO, in a letter addressed to the Maldives President Dr. Mohamed Muizzu said that these policies, implemented without adequate consultation with key industry stakeholders could have potential long-term impact.
While acknowledging that the NGO respected the government’s efforts to implement policies aimed at benefiting the Maldivian people, it highlighted the unintended consequences these policy changes could have on businesses – from small to medium enterprises to larger corporations in the tourism industry.
“These abrupt policy changes not only jeopardize the immediate stability of businesses but also create long-term uncertainty, undermining market confidence and discouraging both local and international investment,” the NGO’s letter to the president read.
Destination Future further noted that the lack of industry consultation prior to these decisions is “especially concerning” and added that policy changes of such magnitude required collaborative dialogue to ensure all potential consequences are thoroughly examined and mitigated.
The NGO had urged the government to reconsider these policies and “adopt a more inclusive approach to economic decision-making.”