President Addresses Economic Challenges and Calls for Prudent Measures

Speaking at a rally in Guraidhoo, President Dr Mohamed Muizzu outlined the nation’s current economic difficulties, describing the upcoming two to three months as particularly challenging.

The president requested heightened awareness and preparation during this period, highlighting the deteriorating economic situation encountered upon taking office, labelling it as unprecedented in severity.

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A significant concern raised by President Muizzu was the financial health of state-owned companies, with the majority reportedly in debt and only a handful maintaining stability. The precarious situation was attributed to historical mismanagement, as emphasised by the President, who stressed the need for rigorous restructuring to steer the country back on course.

Acknowledging the harsh realities, the President remarked, “There is nothing to be gained by denying the truth.” He stressed that the forthcoming months are crucial for reinforcing the nation’s revenue streams and navigating through these testing times.

Looking ahead, the President shared an optimistic outlook for the second quarter of the year, predicting a noticeable easing of the economic strain by the end of July. His vision is centred on achieving genuinely sustainable development, which he believes will yield positive outcomes in due course.

With an upcoming election, the President warned against traditional complacency and selective interpretation of facts, urging a more honest and effective approach to address the nation’s issues. He articulated his commitment to fostering genuine development and acknowledged the need for temporary adjustments in the execution of projects until the economic climate stabilises.

The President assured that these projects, though delayed, will be diligently completed through the cooperation of island councils, indicating a strategic, community-centric approach to national development during these trying economic times.

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