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Dr. Muizzu pledges MVR 4 billion investment for tourism industry

Mohamed Rehan
26 September 2023, MVT 12:52
PPM/PNC coalition candidate Dr. Mohamed Muizzu promised to increase Maldives GDP to MVR 150 billion in the next five years-- Photo: Mihaaru
Mohamed Rehan
26 September 2023, MVT 12:52

Progressive Party of Maldives (PPM) and People's National Congress (PNC) coalition candidate Dr. Mohamed Muizzu has pledged to secure MVR 4 billion in investments for the tourism industry in the next five years.

Dr. Muizzu made the pledge during his campaign rally on Monday evening, September 25, where the opposition coalition's candidate announced his economic manifesto.

Speaking at the rally, Dr. Muizzu promised to develop 35 new tourist resorts for the collective development of the tourism industry.

He further pledged to establish a Development Financing Institution to increase investments for the tourism industry.

"Once the investment bank is established, it would facilitate investments for tourist resort and private sector development," Dr. Muizzu said.

Dr. Muizzu further pledged to enhance the state's revenue streams as a means of addressing the government's debt issue. He committed to reducing the budget deficit to a "single digit."

The current budget deficit has surged to double digits, and will reach MVR 14 billion by the end of 2023.

Dr. Muizzu also pledged to increase the Maldives Gross Domestic Product (GDP) to MVR 150 billion in the next five years, and increase the GDP per capita to USD 17,000.

He also made a pledge to boost the country's usable reserve to USD 500 million and the Sovereign Development Fund (SDF) to USD 500 million.

The current usable reserve of the Maldives is between USD 150 to 200 million.