President Muizzu asks for public trust in govt’s economic policies

President Dr. Mohamed Muizzu addresses a gathering in Addu City on February 18, 2024. (Photo/President's Office)

President Dr. Mohamed Muizzu has appealed for public confidence in the decisions being made by his administration to reform and bring Maldives’ economy back on track.

President Muizzu, who is currently on a tour of Addu City, made the appeal on Sunday evening, during a gathering for residents of Maradhoo and Maradhoo-Feydhoo.

Addressing the gathering, President Muizzu accused the MDP administration of “pushing the country’s economy down a ditch” during the last five years.

He said that he found the alleged efforts by the MDP to mislead the public regarding its role in racking up the country’s debt – which he said has now risen above MVR 120 billion – “astonishing.”

Referring to the decision by the MDP administration to suspend provisions of the Fiscal Responsibility Act in order to increase the overdraw limit of the public bank account at the central bank during the Covid-19 pandemic, President Muizzu said that though a government could easily print money in order to mislead the public, such a move has major consequences for the future of the economy.

“Such a move will only increase the debt per capita,” he said.

President Muizzu said that his administration formulated its fiscal reform agenda after thorough research.

He said that the reform agenda has been welcomed by global financial institutions, including the International Monetary Fund (IMF).

President Muizzu said that his administration has begun implementing the reform agenda. He said that while the administration needs to make some “hard decisions”, it will also run developmental projects.

He said that the administration is securing funding to run the projects.

He said the planned projects include ones he promised to run in Addu, including coastal tourism and the construction of a bridge.