President vows the Maldives’ red line of sovereignty will remain intact as major financial reforms loom

President Dr. Mohamed Muizzu said on Tuesday that the Maldives’ “red line of independence” will not be weakened in the slightest, adding that Maldivians have to prepare to face major changes that can transform the country’s financial landscape. 

Delivering his address at the official Victory Day ceremony, he said the nation must put forward its own ideology instead of merely watching other countries advance independently.

“We must face revolutionary changes that will have a positive impact on the entire economy to ensure that the red line of our nationality, freedom and sovereignty will not be weakened,” President Muizzu said.

He said such transformative changes are essential to secure prosperity and achieve the internal development desired by the people. Strengthening the country’s economic backbone, he said, will allow the Maldives to engage with the outside world from a position of resilience, and ultimately join the list of developed nations.

The President said the outcome of “revolutionary” development, which gives equal priority to both spiritual and material progress, is a Maldives that becomes a truly civilized nation. He described this as the vision and right of every citizen, adding that progress is the hope of all Maldivians who wish the country well.

President Muizzu’s remarks come amid opposition criticism over the government’s decision to hand over the Rasmale project to Dubai-based Eagle Hills, with some alleging the project could allow Israelis to live in the Maldives. The government says the 99-year project, which allocates more than 500 hectares of land, will bring significant benefits. The President has previously stated that only Maldivians and Muslims from other countries will settle in Rasmale.

Eagle Hills Chairman Mohamed Alabbar earlier said he hopes to sign the final agreement on the Maldives Waterfront and Marina project on Wednesday, the Maldives’ Republic Day.