President Dr Mohamed Muizzu decided to establish a development bank in the Maldives and undertake a review of the Economic Policies, acting upon the recommendation of his Cabinet.
The President made these decisions based on recommendations presented to him after thorough discussions on proposals submitted at today’s Cabinet meeting. The President’s decisions are as follows:
Establishing a Development Bank in the Maldives
Following a Cabinet discussion on a proposal submitted by the Ministry of Economic Development and Trade, the President has decided to establish the “Maldives International Financial Services Authority” under his Constitutional powers. The President has tasked the Maldives International Financial Services Authority with drafting regulations for issuing Onshore Banking Operating Licenses.
In addition, the President instructed the formulation of a bill presented by the Government. This bill will allow for the establishment of International Financial Centres in the country.
Seeking Solutions for Receiving Payments Through Online Payment Platforms in the Maldives
Following a Cabinet discussion on a proposal submitted by the Ministry of Economic Development and Trade, the President decided to task the Bank of Maldives (BML) with introducing e-wallet services within a week. This decision involves collaborating with relevant parties to gain access to PayPal and other e-commerce platforms.
In addition, the President has decided to make the necessary arrangements to draft a bill on cybersecurity. This will be accompanied by initiating discussions with the United Arab Emirates (UAE) and Turkey on developing cybersecurity infrastructure and enhancing capacity.
Trust Fund for Housing and Infrastructure Development and financing low-interest loan schemes
Following a Cabinet discussion on a proposal submitted by the Ministry of Housing, Land and Urban Development, the President has decided to conduct comprehensive deliberations at the Economic Council to explore potential avenues within the banking sector for financing housing and infrastructure development, as well as public low-interest loan schemes. The President decided to hold further discussions with the Development Bank and other financial institutions to find a solution for providing social housing loans through integrating government-announced loan schemes.
The President also decided on receiving a refined proposal in upcoming Cabinet sessions to finalise the terms of the loan schemes within the first 100 days of the administration, per the Administration’s “Hafuthaa 14” roadmap.
