President Dr. Mohamed Muizzu has announced significant progress in stabilising the currency value and improving the economy through efforts and initiatives undertaken over the past four months. These remarks were made during an exclusive interview with PSM News.
Assuming office during a period of economic downturn with a substantial debt of USD 7.8 billion, President Dr. Muizzu highlighted the challenges faced, particularly the depreciation of the Maldivian currency against the dollar due to previous administration's monetary policies, which led to economic recession and closure of small businesses. Consequently, he prioritized measures to revitalize the economy.
President Dr. Muizzu disclosed that several state-owned companies were burdened with debt, and profits of profit-running companies were low. Additionally, he noted a decrease in the country's credit rating, highlighting the lack of measures to address economic concerns. Statistics from the Maldives Monetary Authority (MMA) revealed the printing of USD 531 million by the previous government.
The president emphasized the decision to halt money printing as a crucial step in stabilizing the currency value, leading to positive impacts on the economy. He assured the implementation of further measures to drive economic growth, citing increased investor confidence and proposals, particularly in the tourism industry.
President Dr. Muizzu addressed the halting of industrial projects initiated by the previous government, attributing it to inadequate funding. He pledged to resume projects, including schools, health centers, harbors, and infrastructure development, after securing necessary finances.
Among the initiatives undertaken during the four months are:
- Introduction of services from Aasandha and the National Social Protection Agency (NSPA)
- Commencement of free bone marrow transplant services
- Providing opportunities to low-income earners
- Inauguration of the first Air Corps of Maldives National Defense Force (MNDF) for maritime surveillance
- Introduction of air ambulance services
- Payment to fishermen pending from the previous administration
President Dr. Muizzu highlighted additional initiatives achieved despite parliamentary challenges