President Dr. Mohamed Muizzu has underscored the significance of discontinuing the issuance of new banknotes. He made the remark during a gathering with residents of Hithadhoo and Feydhoo at Feydhoo School.
Speaking during the gathering, President Dr. Muizzu expressed this decision was crucial for the economic revival of the Maldives. The president acknowledged the challenges associated with this choice but stressed that not taking such action could worsen the country's financial situation.
President Dr. Muizzu pointed out that the Administration inherited a debt of USD 7.8 billion, and the volume of new banknotes introduced in the last five years exceeded that of the preceding four decades, reaching USD 519 million. He explained that international financial institutions recognised this decision, along with other strategic measures, as bold and courageous in the face of the Maldives' economic challenges.
Further, President clarified that projects initiated under the administration, including the bridge development project connecting Hulhumeedhoo and Hithadhoo in Addu City, would directly benefit the people. He assured that procurement and logistical operations associated with the project would be outsourced to local entities, ensuring the residents of Addu City benefit.
In response to a meeting with the Addu City Council, President Dr. Muizzu expressed his intention to address their needs. However, given the looming economic crisis, he urged the council to reprioritize projects based on their most pressing developmental needs.