President Dr. Mohamed Muizzu has said that the state reserve will improve by November. He made the remarks during the latest rally held by the ruling People’s National Congress (PNC).
Taking the podium at the rally, President Muizzu stated that the party made sure to inform the public of the status of the country’s economy before assuming office and even after assuming office. He reiterated that the country’s economy deteriorated due to the previous government’s decision to print large amounts of money and take loans at high interest rates. He also added that the previous government failed to economize spending during the Covid-19 pandemic.
Noting that the country’s economy has fallen into a bottomless pit, President Muizzu stated that his administration is working tirelessly to improve the economy without printing more money. He added that experienced economists, the World Bank and even the International Monetary Fund (IMF) notes the importance of halting the printing of money to improve and strengthen the Maldivian economy.
Highlighting that the state has debts to pay to various parties, the President noted the efforts being made by the state to improve the country's reserve by November and make the overdue payments. He repeatedly assured the public that the state reserve will start improving by November. The President also assured that his administration will always choose what is the most beneficial to the country and its people.