President Dr Mohamed Muizzu has stated that the Government would only take loans that would benefit the populace. He made the remarks while speaking with the residents of Maradhoo and Maradhoo Feydhoo Islands in Addu City at Irushadhiyya School.
The President remarked that his Administration assumed office during a period of economic devastation in the Maldives. He highlighted that the Administration had inherited a debt of MVR 120 billion, marking an unprecedented low in the nation’s recent economic history.
In this regard, President Dr Muizzu noted that loans taken in previous administrations did not comprehensively benefit individual citizens. The President underscored that the projects initiated under this Administration, even those financed through loans, would be strategically designed to bolster small and medium-sized enterprises. He further assured that all loans would be structured for long-term repayment, incorporating a flexible plan to prevent undue strain on the economy.
The President further revealed that key infrastructural projects, including developing the Addu City airport, the establishment of a seaplane hub, tourism expansion, and bridge construction initiatives, would be executed in alignment with the people’s aspirations, all within his five-year term of office.
A high-level Government delegation accompanies the President on his tour of several islands in Addu City, Fuvahmulah City, and the North and South Huvadhu Atolls.
