President Dr. Mohamed Muizzu has declared that the government will manage the country's finances responsibly, avoiding overdrawing public accounts or resorting to currency printing. He made the remarks during a meeting with residents at the Hiyaa flats in Hulhumale'.
During the meeting, President Dr. Muizzu underscored the economic strategies of both the previous and current administrations. He emphasised that the current government's economic agenda prioritises the well-being of the citizens, pledging to steer the economy with their welfare in mind.
Additionally, President Dr. Muizzu revealed concerning figures, stating that while a total of USD390 million was printed over 40 years before 2018, the previous government printed USD518 million in just five years. He attributed this to the depreciation of the Maldivian currency and the appreciation of the dollar, stressing the imperative of halting currency printing. He reiterated the government's commitment to managing the economy without resorting to such measures.
Furthermore, President Dr. Muizzu provided updates on the country's financial status, noting a decrease in the primary balance from USD104 million to USD8.7 million compared to the same period last year. He, however, highlighted progress in the Sovereign Development Fund (SDF), which increased from USD2 million to USD35 million under his leadership, with plans to reach USD100 million by year-end. He emphasised that the government has executed US 71 million worth of projects without taking loans or printing currency.