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USD 162 million allocated from next year's budget for housing: President

President Dr. Mohamed Muizzu has announced that USD 162 million allocated from next year's state budget for housing projects. The statement was made by the President during the graduation ceremony of the Maldives National University (MNU).

Speaking at the ceremony, President Dr. Muizzu stated that the administration prioritises fostering a community with strong social cohesion, alongside its goal of nurturing an academically capable generation. He highlighted that the 2025 state budget will focus on addressing the housing crisis, which he identified as one of the most pressing issues facing society today. The president disclosed that new housing projects worth USD 97 million will also be launched next year, noting that this budget allocation represents the largest amount ever designated for housing in Maldivian history.

During his address, President Dr. Muizzu shed light on the efforts exerted by the government to diversify the economy and increase job opportunities. This includes the recently introduced Creative Economy, targetting the youth, along with several opportunities to establish a complete payment gateway, by selling various innovations.

Furthermore, President Dr. Muizzu revealed the government's overarching goal of ensuring that the digital economy constitutes to at least 15% of the GDP by 2030. Aiming to achieve this target, the Maldives Monetary Authority (MMA) has begun preparations to introduce cryptocurrency or digital currency in the Maldives.

Additionally, President Dr. Muizzu stated that the government aims to position the Maldives as a leader in the field of artificial intelligence. Reiterating that achieving results is the top priority, he affirmed his commitment to diligently pursue these objectives.