Presidential candidate of Progressive Party of Maldives and People's National Congress (PPM/PNC) coalition Dr. Mohamed Muizzu has said that funding for housing projects will be secured through reducing debt of State Owned Enterprises (SOEs) and strengthening the confidence of foreign investors.
Dr. Muizzu made this statement during the Sangu TV Presidential Debate held last night. According to Dr. Muizzu, strengthening the Maldivian economy is crucial for the successful execution of future housing projects. He also emphasized the importance of reducing foreign investors' reluctance to invest in the Maldives and building their confidence in the country.
According to Dr. Muizzu, the substantial debts of SOEs is a major obstacle when viewed from this perspective.
"From what I saw, all SOEs currently carry a combined debt of MVR 32 billion. Therefore, it is important to bolster SOEs and make them self-reliant. We need to establish an investment bank and ensure the availability of small loans," said Dr. Muizzu.
"At the same time, the current government has exploited its parliamentary majority to suspend the relevant clause of the Fiscal Responsibility Law and engaged in money printing, resulting in the destruction of our entire economy," Dr. Muizzu said.
Dr. Muizzu believes investor confidence can be attained through the reduction of debt. According to him, the Maldives is currently in a state that is not very attractive to investors, and debt reduction would revive investor interest thereby facilitating the funding for housing projects.
"For this [housing] the government can use an SOE to establish a special fund which will finance the construction of houses. The individual who wants housing will go to the bank for refinancing which will be arranged through an agreement between the individual and the bank. The SOE will therefore be paid by the individual who will then get the house" said Dr. Muizzu.
During his various campaign events, Dr. Muizzu has consistently assured the people that he will solve the issue of housing for the people of Malé and the greater Malé region within the next 5 years.
According to the housing policy in Dr. Muizzu's manifesto, 65,000 housing units will be developed in the area including Hulhumalé, Gulhifalhu, Giraavaru Falhu, and Fushidhiggaru Falhu. He said that a large area of about 1,200 hectares of land will be reclaimed in Fushidhiggaru Falhu in his government, and he has pledged the development of more than 11,900 plots of land for housing as well as 26,000 flats.
A total of 89 hectares of land will be reclaimed from Giraavaru Falhu to facilitate the development of over 1,000 housing plots and 2,800 flats. Additionally, according to his manifesto, 300 hectares of land will be reclaimed in Gulhifalhu to create 3,500 housing plots and 7,800 flats.
Dr. Muizzu's manifesto outlines the government's commitment to building houses for landowners. The funds used for these constructions will be repaid by the owner, and the house's design will align with the owner's requirements. The manifesto also indicates that loans will be arranged to support housing initiatives.
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