President Mohamed Muizzu announced that a total of USD 844 million has been paid to various parties without resorting to currency printing since he took office seven months ago. This statement was made during the inauguration ceremony of the main ruling party People's National Congress (PNC)’s headquarters, PNC House.
During his speech, President Muizzu emphasised the economic progress achieved in the initial months of his administration. He highlighted significant efforts to implement the declared economic strategy, noting that positive outcomes are already evident. He proudly stated that his administration's decision to halt money printing has been praised by international monetary agencies. Criticizing the previous administration for printing more money to cover state expenses, he argued that it was not the best course of action.
President Muizzu also mentioned that his administration has stopped taking loans with heavy repayment requirements. Instead, they have managed to pay public and private companies and make loan repayments from generated revenue without incurring new debt or printing more money. The government has repaid USD 259.8 million of the USD 584 million owed to private companies, USD 454.6 million to public companies, and spent USD 175 million on loan repayments. Additionally, when President Muizzu took office, the Sovereign Development Fund had USD 2 million. Over the past seven months, his administration has deposited USD 54 million into the fund.
Reiterating his administration's commitment to achieving the development goals desired by the public, President Muizzu leveraged the party's super majority in the parliament. He addressed opposition attempts to undermine the administration’s economic achievements, urging the ruling party to actively share the details of their work with the public through the PNC House.
President Muizzu concluded by affirming that his administration will work tirelessly to fulfill the economic agenda promised during the presidential campaign, maintaining a steadfast approach without any changes.