President Dr Mohamed Muizzu has announced that the government has successfully paid off MVR 13 billion owed to various parties without resorting to printing money, a significant achievement in the first seven months of his administration. This milestone was highlighted during the opening ceremony of the PNC headquarters.
Addressing the event, President Muizzu underscored the economic progress made under his government, emphasising that the people have entrusted the majority of the Parliament to his administration, and the work towards achieving the desired development is actively underway.
The President detailed the economic strategies implemented to achieve these results, notably the decision to halt the printing of money. This approach has garnered praise from international financial institutions, who recognise the move as beneficial for the nation’s economic stability.
“Many people did not believe that such a measure could be undertaken, especially with a parliamentary election on the horizon. However, our commitment to not printing money has been acknowledged internationally,” President Muizzu stated.
He contrasted his administration’s policies with those of the previous government, which he criticised for printing money to cover expenditures, a decision he deemed insincere and ultimately detrimental to the country’s financial health. In addition to halting money printing, the current government has also ceased taking large loans.
President Muizzu provided a breakdown of the MVR 13 billion paid without printing money or incurring new debt. This includes MVR 4 billion paid to various private companies, MVR 7 billion to government companies, and MVR 2.7 billion to settle foreign loans.
“We have paid MVR 13 billion without printing money and without taking loans,” he reiterated.
Furthermore, the President revealed significant growth in the Sovereign Development Fund. When his government took office, the fund held USD 2 million. Over the past seven months, this has increased to USD 54 million, showcasing the administration’s efforts in strengthening the nation’s financial reserves.
President Muizzu also addressed the spread of misinformation by political rivals, urging the need to communicate the government’s genuine economic achievements to the public. He reaffirmed his commitment to fulfilling the economic agenda promised during his campaign, ensuring that the government delivers on its pledges.
