Muizzu Initiates Key Economic Reforms in Maldives

President Dr Mohamed Muizzu has announced a series of initiatives following a Cabinet meeting held yesterday. These measures, recommended by the Cabinet, focus on establishing a development bank, enhancing online payment systems, and addressing housing and infrastructure challenges.

The President has used his constitutional powers to create the “Maldives International Financial Services Authority.” Tasked with drafting regulations for issuing Onshore Banking Operating Licenses. Additionally, a bill facilitating the establishment of International Financial Centres in the Maldives is in the works.

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In response to a proposal from the Ministry of Economic Development and Trade, the President has instructed the Bank of Maldives (BML) to introduce e-wallet services within a week. This directive is part of a broader strategy to integrate with global e-commerce platforms like PayPal, enhancing the nation’s digital economy capabilities. Parallel to this, a new bill focusing on cybersecurity is being drafted, with plans to collaborate with the UAE and Türkiye to develop robust cybersecurity infrastructure.

Addressing housing and infrastructure needs, the President has called for in-depth discussions at the Economic Council to explore banking sector solutions. The goal is to facilitate housing and infrastructure development and provide public low-interest loan schemes. Further dialogues with the Development Bank and other financial institutions are scheduled to integrate these loan schemes into the government’s housing plans. A refined proposal for the terms of these loan schemes is expected in upcoming Cabinet sessions, aligning with the Administration’s “Hafuthaa 14” roadmap.

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