Despite recent economic downturn, economic outlook appears promising, says the President

President Ibrahim Mohamed Solih stated on Friday that the country’s economic outlook looks promising, despite the recent downturn it faced due to global events. He made these remarks while addressing the nation at the official function to mark the 55th Republic Day.

The function was held in Dharubaaruge. First Lady Fazna Ahmed, state dignitaries, and government officials attended the function.

The President attributed the joint efforts of the government and the people to the recovery from the economic downturn caused by the Covid-19 pandemic and the Russia-Ukraine war. He, however, stated that attempts to use the opportunity to create fear and uncertainty for political gain far outweigh the economic situation.

Highlighting the budget proposed by the administration, the President stated that it focuses on austerity measures. He assured the administration would take steps to deter any negative impact on the economy and the people.

Underscoring achievements in the economic sector over the past four years, the President said the administration had ensured a conducive environment for the growth of small and medium enterprises (SMEs), including eliminating difficulties in registering businesses and digitising such processes.

The President also lauded the administration’s efforts to introduce a minimum wage and revise the salaries of education sector staff. The President also reiterated that the wages of healthcare sector staff would be revised and announced soon.

The President also spoke about the administration-led projects over the past four years to up the socio-economic development of the island communities, including the development of water and sewerage networks, easing difficulties due to a lack of good harbours, and other essential requirements.

The administration this year launched its "Binveriyaa" and "Gedhoruveriyaa" housing schemes. Citing these initiatives, the President announced that the administration had received 35,861 applications for the programmes. He said that the evaluation of the applications is now in progress.

The administration is also committed to building generations of productive youth. On this note, the President highlighted the success of the administration’s free degree programme and announced that the number of people enrolled in the programme exceeds 15,547.