Fayyaz Blames 2014 Airport Contract Exit for Maldives’ Economic Setback

Opposition leader and Maldivian Democratic Party (MDP) chairperson Fayyaz Ismail sharply criticized the 2014 decision to terminate the Velana International Airport (VIA) development agreement with India's GMR Group, calling it 'politically motivated' and 'preposterous'. He claimed the cancellation forced the state to borrow heavily, resulting in long-term debt, and estimated economic losses at US$60 billion. Fayyaz said that had the contract not been terminated, tourist arrivals would exceed four million and GDP would be twice as high. Former President Mohamed Nasheed also commented, cautioning against equating infrastructure with development. The new terminal is part of a broader expansion launched under former President Abdulla Yameen, with a construction contract awarded to Saudi Arabia's Bin Laden Group for US$350 million in May 2016.

Opposition leader and Maldivian Democratic Party (MDP) chairperson Fayyaz Ismail sharply criticized the 2014 decision to terminate the Velana International Airport (VIA) development agreement with India's GMR Group, calling it 'politically motivated' and 'preposterous'. He claimed the cancellation forced the state to borrow heavily, resulting in long-term debt, and estimated economic losses at US$60 billion. Fayyaz said that had the contract not been terminated, tourist arrivals would exceed four million and GDP would be twice as high. Former President Mohamed Nasheed also commented, cautioning against equating infrastructure with development. The new terminal is part of a broader expansion launched under former President Abdulla Yameen, with a construction contract awarded to Saudi Arabia's Bin Laden Group for US$350 million in May 2016.

Opposition leader and Maldivian Democratic Party (MDP) chairperson Fayyaz Ismail sharply criticized the 2014 decision to terminate the Velana International Airport (VIA) development agreement with India's GMR Group, calling it 'politically motivated' and 'preposterous'. He claimed the cancellation forced the state to borrow heavily, resulting in long-term debt, and estimated economic losses at US$60 billion. Fayyaz said that had the contract not been terminated, tourist arrivals would exceed four million and GDP would be twice as high. Former President Mohamed Nasheed also commented, cautioning against equating infrastructure with development. The new terminal is part of a broader expansion launched under former President Abdulla Yameen, with a construction contract awarded to Saudi Arabia's Bin Laden Group for US$350 million in May 2016.

This story involves 1 source and may affect public understanding of fayyaz criticism / economic loss.