President Commits to Address US Dollar Exchange Issues Faced by Students Abroad

President Dr Mohamed Muizzu has reiterated his commitment to addressing the difficulties faced by students under the Government loan scheme in obtaining US dollars at the official bank rate on Thursday.

He made these remarks during the third episode of the Rayyithunnaa Eku podcast, meaning With the Citizens, hosted by the President’s Office.

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The President highlighted that he has consistently engaged with Maldivian students during his overseas visits. A recurring concern raised by students benefiting from the Government’s student loan scheme is the difficulty in obtaining US dollars at the bank rate. In response, the President stated that he has instructed the Minister of Finance to formulate a practical solution, noting that discussions are already underway in consultation with the Governor of the Maldives Monetary Authority (MMA).

He assured that students pursuing education abroad through the Government loan scheme would be granted access to US dollars at the bank rate. However, he stressed that any measures implemented would be carefully designed to prevent negative repercussions on the local market. He further stated that disbursed funds must be utilised in the country where the student is undertaking their studies.

The Ministry of Higher Education, Labour and Skill Development opened applications for 600 more student loans on March 29 for students wishing to study both abroad and in the Maldives. Interested students should submit their applications through the MyEdu portal by 1:30 p.m.,  April 30. 

Need to Train Students in STEM Field More

During the third episode, President Muizzu also talked about the importance of training students in STEM (Science, Technology, Engineering, and Mathematics) fields as well. He said that during his trips abroad, where he meets Maldivian students in those countries, he has observed a decline in students pursuing higher education in STEM fields. More students are studying in fields such as Business and Accounting, he had said.

Muizzu emphasised that a shortage of STEM professionals has forced the Maldives to rely on foreign workers, particularly in vital fields such as medicine and engineering. He pointed to a pressing need for engineers, quantity surveyors, and other technical experts to support the country’s numerous ongoing infrastructure projects.

In response, the Government has begun prioritising STEM disciplines in its educational loan schemes and public sector recruitment. The President stated that STEM graduates now receive preference for Government positions, with competitive salary packages introduced to attract more students to these critical fields.