Minister of Economic Development and Trade Mohamed Saeed has praised the government’s commitment to continuing over 2,000 projects across the country, despite the current financial constraints.
In a recent program aired on PSM News, Minister Saeed emphasised that President Dr. Mohamed Muizzu had clearly outlined his plans to address the financial and economic challenges facing the nation in his first presidential address to Parliament. The president's vision includes strengthening the finances of indebted companies, addressing societal issues, and reducing the Maldives' dependency on external sources, all while avoiding increased state debt and ensuring the repayment of existing debts without hindering developmental projects.
Minister Saeed highlighted that, of the 3,052 projects initiated, 2,048 are currently ongoing across various parts of the country. He also revealed that the government is prepared to launch an additional 1,853 projects, with agreements already in place.
Furthermore, the minister lauded President Dr. Muizzu's efforts over the past nine months to drive economic development. Notably, he mentioned that the Development Bank of Maldives is set to be licensed soon, and the Financial Centre Act has been drafted and will soon be presented to Parliament for approval.
Minister Saeed also discussed significant ongoing projects, including the transfer of the fuel storage facility from Funadhoo in Kaafu Atoll to Maagiri Falhu. He assured that the development of the Special Economic Zone (SEZ) will be completed within the current presidential term and noted that the Maldives Gateway Project is set to commence shortly. The president plans to utilize the profits from these projects to further enhance economic development in the country.