President Dr Mohamed Muizzu has made a bold pledge to transform the Maldives’ economy into a self-sustaining model during his five-year term. In an exclusive interview with local media, the president outlined a series of fiscal reforms and development initiatives aimed at reducing the island nation’s reliance on external factors.
President Muizzu emphasised that his government has taken decisive action to address economic challenges from the outset of his administration. A key measure, he noted, has been the cessation of printing additional currency – a difficult decision given pressure from stakeholders.
To stimulate growth, the government is focusing on the revitalisation of stalled infrastructure projects, such as the Velana International Airport expansion, while aggressively seeking new investment in tourism and urban development projects. President Muizzu also announced the creation of special economic zones and a regulatory authority to establish the Maldives as an international finance centre.
Recognising the importance of small and medium-sized enterprises (SMEs), the president highlighted the recent launch of e-wallet services as a catalyst for SME growth. He further expressed confidence in the imminent introduction of PayPal services this year, citing ongoing legal and regulatory groundwork.
President Muizzu also announced that work to establish international bunkering services is well underway, a move he expects will significantly reduce fuel costs in the Maldives.
These measures, according to the president, are all key components of a broader strategy to achieve economic self-sufficiency for the Maldives. While the success of these initiatives remains to be seen, President Muizzu’s plan signals a shift in the nation’s economic trajectory, with greater emphasis on domestic development and reduced reliance on external trade.
