Former Economic Minister and MDP Chairperson Fayyaz Ismail has attributed the significant debt associated with Velana International Airport (VIA) to former President Abdulla Yameen Abdul Gayoom, criticising decisions made during his administration.

In a post on social media, Fayyaz defended the initial decision under former President Mohamed Nasheed to contract out VIA’s operations, stating it was not politically motivated. He claimed that the subsequent cancellation of the contract and borrowing to finance the airport redevelopment under Yameen's leadership contributed heavily to the country’s current debt levels.

Fayyaz argued that the decision not only prevented potential economic growth but also blocked opportunities for raising funds to meet other national needs. He estimated that if the original plan had been followed, tourist arrivals could have exceeded four million and the GDP could have doubled, resulting in a far stronger economy.

He also criticised the high compensation costs incurred following the cancellation of the GMR agreement, which was signed during Nasheed’s term and terminated during President Mohamed Waheed’s administration. Yameen’s government later paid USD 271 million (MVR 4.1 billion) in compensation for the termination.

Fayyaz concluded that the economic consequences of the airport decisions made for political reasons continue to impact the Maldives today, with further spending occurring without a unified national approach.