Former President Mohamed Nasheed has expressed support for the government's decision to terminate its agreement with US-based Centerview Partners, which had been appointed to provide advice on the Maldives' debt issues.

In a recent post on X (formerly Twitter), Nasheed described the cancellation as a "wise step" taken by President Dr. Mohamed Muizzu.

He criticized the practice of hiring expensive foreign debt advisors, suggesting that such advisors often exploit the financial vulnerabilities of nations.

The agreement with Centerview Partners was reportedly costing the Maldives USD 55,000, equivalent to MVR 848,100, per month.

Finance Minister Moosa Zameer canceled the deal as part of broader efforts to reduce government spending.

In addition to scrapping the advisory contract, President Dr. Muizzu also took steps last week to dismiss 228 political employees across various ministries.

This move is projected to save MVR 5.7 million per month, amounting to USD 68.6 million annually.

The government's ongoing reforms also include restructuring state-owned companies to further cut costs and improve financial efficiency.