President Dr Mohamed Muizzu has said investor confidence is being strengthened by repaying debt and meeting the needs of the people. He said the government is achieving this goal by strengthening the country's reserves.
Some have alleged that the country's reserves have declined to a level where there is not even enough foreign currency to import essential goods. However, the government has said it is maintaining reserves at a level sufficient to ensure uninterrupted imports of essential goods.
Responding to a question on the matter during the 'Nation Chat' programme, President Dr Mohamed Muizzu said the economy was in a very difficult situation when his administration took office. However, he said his priority was to ensure that essential goods required by the public were imported and that the Maldives remained financially stable.
As part of these efforts, the President said the country's reserves had risen to levels not previously recorded in the country's history. He noted that reserves exceeded USD 1.2 billion in February.
The President said the economic environment had changed significantly amid the conflict in the Middle East and rising oil prices, affecting countries around the world. He said these developments had also affected the Maldives' efforts to repay debt.
Despite these challenges, he said the government had repaid major debts, including USD 500 million in sukuk.
The President said the results of the government's ongoing efforts would become visible within the next six months.
He also said debt repayments were not being made solely from foreign reserves, adding that the Sovereign Development Fund established for debt repayments was also being developed and strengthened.
He said the benefits of these efforts would ultimately be felt by all Maldivians.
President Muizzu said the government was working to establish a favourable environment for investors in the Maldives. He said opportunities available to investors were being highlighted through investor forums held during his overseas visits and through various other channels.
"As a result, many major investors and companies from around the world are coming. If we have the will, in the days ahead, major investors as well as small and medium-sized investors will come. For example, we are diversifying the tourism sector and the fisheries industry. If we have the will, businesses from abroad in various fields will come to the Maldives," the President said.
President Muizzu said the Maldives had already secured parties interested in investing in the country.
In this regard, in addition to the Ihavandhippolhu project, he highlighted a project in Rasmale' that has been entrusted to Eagle Hills, as well as a project that Google has decided to undertake.
The President expressed confidence that investor confidence would be maintained in the future through such projects.