Following the halt on the practice of printing money, the President has declared that consequential economic changes are now evident and that the USD rate has declined while the value of the Maldivian currency has been conserved.
President Dr Mohamed Muizzu has stated that consequent to the halt on the practice of printing money, dollar rate or the black-market demand has begun declining.
At the ceremony held to address the residential community of Dhaalu atoll Meedhoo, the President said that the State debt owed to multiple business entities had been at an amount of MVR 9 billion when he had assumed office on November 17 last year. He assured that the State is ensuing efforts into settling these payments alongside hefty loans withdrawn from other countries.
The President maintained that the high priority heeded into this work is in contrast with the former President Dr Mohamed Solih’s conduct of printing money. Highlighting the successive benefits to the people of the country, the president assured that the adverse decision to print money has been voided.
“If we had not stopped printing money, our country would have been bankrupt. The value of our Maldivian Rufiyaa would have continued dropping until it could not be redeemed and dollar rate would have skyrocketed above even MVR 20. Our economy may have been destroyed if printing money continued,” said the President.
“The conclusion we came to was a decision to not print money. Printing money would have been very easy. Isn’t it over once we print money worth MVR 9 billion? But we did not resort to doing that, solely for the sake of the people of the country.”
The President highlighted that the intended effect has been taking hold since this implementation and that the economy has been healing as evidently noticed from the perseverance of Maldivian currency and the decline of dollar rate.
“The effect is now visible,” he said.
The president had stated that many efforts are being invested into strengthening the economy and that in light of this cause, the Velana International Airport’s development projects has been ensuing at an expedited pace. He highlighted that the country’s economy can only be further expanded through the expedited conclusion of the Velana Airport alongside its commenced operations.
“In addition to this, opportunities to establish more resorts are also being given. Numerous opportunities are being distributed to conclude commenced but halted construction of resorts. This will facilitate the increase of our income,” said the President.
The president stated that the country’s fishing industry has also been impeded and that a debt of MVR 240 million remained owed to the fishermen at the time of his assumption of office. He had reiterated that this debt, in addition to further due payments owed to the fishermen were settled and that the remaining dues are also being disbursed.
The President further underscores the importance the State weighs on the efforts directed at redeeming MIFCO from its challenged state.
President Muizzu also highlighted that this administration has implemented tactics to reduce wastefulness and further elaborated by declaring the state's determination to cease hosting large events and ceremonies held through expending millions.
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