President Dr. Mohamed Muizzu has stated that the government has not paid any compensation since he took to office. The President made the statement during the official function held to mark the 59th Independence Day of the Maldives.
Taking the podium at the event, President Muizzu highlighted his efforts to protect the country’s economic sovereignty. He stressed that his highest responsibility is to ensure the independence of the country and added that the country's economic sovereignty was not certain when he took office.
The President stressed that the state’s economic agenda is to ensure the country’s economic sovereignty. As such, he disclosed that the state has earned USD 1.2 billion as revenue by June. He also disclosed that a large amount of this revenue was spent on running the state without printing more money.
Highlighting that the sate has been spending money based on the revenue it generates, President Muizzu stated that the previous administration paid USD 156 million as compensation of various names and added that this was done for political gains.
Furthermore, President Muizzu expressed gratitude for the governments of China and India for easing the repayments of the loans taken from the countries. He explained that the loan repayment period for USD three million to the Indian government has been extended. He also added that the country has extended the basic food quota for two years and facilitated the use of the line of credit.
Additionally, President Muizzu noted that China has assured that the Maldives would not have to pay the interests of the loans taken by China's Exim Bank for development projects, for the next five years and added that the technical work is now underway. President Muizzu disclosed that the UAE government has also assured the country that it will defer the loan for five years.
The President stressed that the government is working to manage the economy for five years by distributing the loans lightly. As such, he noted that the state has paid back USD 247.6 million without any deferment and without printing money, during the last eight months. He stated that the government is implementing reforms to strengthen the economy and ensure the prosperity of the people.