President Dr Mohamed Muizzu made revelations regarding the Maldives’ economic trajectory whilst addressing the people of Dh. Meedhoo. He announced a crucial shift away from the practice of printing money, citing its detrimental impact on the nation’s financial stability.
President Muizzu disclosed that upon assuming office on November 17 last year, the state’s debt to various business entities stood at a staggering MVR 9 billion. To tackle this mounting obligation, the government has embarked on a mission to settle these debts alongside managing hefty loans acquired from other countries.
Drawing a sharp contrast with the previous administration’s approach, President Muizzu emphasized the adverse consequences of unchecked money printing. He asserted that halting this practice was crucial in averting a potential economic crisis, preventing the devaluation of the Maldivian Rufiyaa and stabilizing the dollar rate.
“The decision to cease printing money was not easy, but it was made with the people’s best interests at heart,” stated President Muizzu. “Continuing down that path would have led our nation to bankruptcy and undermined our currency’s value.”
The president highlighted tangible signs of progress, noting the gradual improvement in the economy evidenced by the resilience of the Maldivian currency and a decline in the dollar rate.
Furthermore, Muizzu outlined strategic initiatives aimed at accelerating economic growth, including the expedited development of Velana International Airport and the revival of stalled resort construction projects. These efforts are expected to diversify revenue streams and stimulate economic activity.
Addressing challenges faced by the fishing industry, the president affirmed the government’s commitment to settling outstanding debts owed to fishermen and revitalizing key enterprises like the Maldives Industrial Fisheries Company (MIFCO).
In a bid to curb unnecessary expenditures, President Muizzu announced measures to reduce wastefulness, including discontinuing lavish events and ceremonies that incur high costs.
