President Dr Mohamed Muizzu reveals that the Government plans to adopt a reform policy to improve the state's finances and bring debt and fiscal conditions to sustainable standards, which is crucial for the economic and fiscal future of the country. He made the remarks during his Presidential Address at the inaugural session of the People’s Majlis this year. This was President Dr Muizzu’s first Presidential Address in Parliament since his inception as President.
The government's vision for development
In his presidential address, the President announced that the Administration is taking steps to reduce its expenditures. To achieve this, the Government has started replenishing the sovereign fund with US dollars and exploring new ways to retain foreign currency within the country. In addition, the Government has decided to limit the appointment of senior political positions to exceptional circumstances and provide subsidies to those most in need of them.
Urban development plan
The President announced that the Government has initiated the process of reviving stalled projects throughout the islands following the people’s wishes. Per his Presidential pledge, the Government will develop high-quality roads in all cities and major roads on other islands. He additionally announced that the project to upgrade the roadways in Malé City will commence this year.
Bolstering the nation's economy
President Dr Muizzu announced that plans to construct two new airports within the year are underway. These projects aim to expand transportation services and boost the economy. In this regard, the President also announced the expansion of Maldivian’s fleet. Additionally, a drone delivery system, enabling the delivery of medicines and medical consumables to the islands of the atolls, will begin this year.
Developments in the tourism sector
The President announced a pioneering plan to expand the tourism sector, including establishing 20 new resorts this year, adding 2,800 beds, and completing the development of undeveloped resorts. The President additionally remarked on the Asministration’s ambitions to expand tourism services in the Maldives and highlighted the Government’s efforts to further tourism to the atolls, detailing plans to launch an "Asseyri Tourism" project for Addu City, which includes a seaplane hub.
Increased investment in the Maldives
President Dr Muizzu announced the establishment of the Maldives Industrial Development Free Zone to boost the state's resources and capabilities and provide economic benefits to the people of the Maldives.
He additionally announced the establishment of a centre dedicated to international financial transactions in Funadhoo Island. This plan also includes the development of an international bunkering and trade port in Ihavandhippolhu, which will serve as a Maldives economic gateway, an international port, and a commercial port.
