Dollars Released for Medical Treatment Tripled in One Year, Are They Being Misused?

Maldivian authorities are facing questions over a sharp rise in foreign currency sold for medical treatment after figures from the Maldives Monetary Authority (MMA) showed the amount nearly tripled in a year. Since August last year, the amount of dollars sold to people traveling abroad for medical treatment has increased. To ease the dollar difficulties faced by Maldivians traveling overseas for treatment, MMA has been issuing foreign currency through Bank of Maldives (BML) for about a year now. However, MMA statistics show that even after the arrangements were made, the amount of dollars sold for medical treatment in just one year has risen sharply, almost tripling and raising questions over whether the funds are being used improperly. In a period of rising dollar demand, BML and Maldives Islamic Bank (MIB) began, from August last year, giving $2,000 to a person traveling abroad for treatment under Aasandha. For a person receiving NSPA assistance, they began giving $2,000, more than the amount set by NSPA. For a person traveling at their own expense without Aasandha and NSPA assistance, they began giving $1,000. The dollars are issued to BML by MMA. According to figures shared by MMA, last year a total of 18.51 million dollars was sold for medical treatment needs, including Aasandha and private medical. But by the end of September this year, the figure had increased to a concerning level. During this period, 41.1 million US dollars was sold for medical treatment, almost three times the amount in the same period last year. A large share of this amount was foreign currency provided to Maldivians traveling abroad for medical treatment at their own expense, according to MMA figures. By the end of September this year, 29.2 million US dollars had been sold to Maldivians going abroad for medical treatment at their own expense. The near threefold increase in just one year is one of the biggest questions. The article asks whether the money is genuinely being taken for health expenses or is being sought for improper use. It says the reasons for the sudden increase and the high demand for dollars for treatment need to be identified. Although banks increased the dollar amounts, it must be ensured that the large amount is not being used improperly on top of genuine medical expenses. With questions raised over how such a large amount of dollars is being used, taking steps to further strengthen the policy is essential, the article says. Stopping improper use of dollars is important to reduce damage to the national economy and to maintain dollar reserves, it adds. It is also important to address such issues and find quick solutions to ensure that those who need it receive the rightful amount of dollars and to maintain stability in the foreign currency reserve.