President Dr Mohamed Muizzu has recognised the government’s success in repaying MVR2.7 billion without resorting to high-interest loans or issuing additional currency notes within the past seven months. The President made the remarks while speaking at the opening ceremony of the ruling People’s National Congress (PNC) House held last night.

The President revealed that the government had settled a substantial total debt of MVR13 billion to foreign and domestic parties within the past seven months, of which MVR2.7 billion was foreign debt repaid without default. The President further explained that the current government had settled MVR4 billion of the MVR9 billion in unpaid dues inherited as government bills for services commissioned from domestic parties by previous administrations.

The President announced that the sovereign fund, which stood at USD2 million when the current Administration assumed office, has substantially increased to USD54 million within the past seven months. Furthermore, the President unveiled plans to augment the fund to USD100 million by the end of the year.

Reiterating the Administration’s strategic decision to halt the issuance of additional currency notes, the President conveyed that this policy has been met with positive recognition from international financial institutions.

Emphasising the ongoing development efforts at Velana International Airport (VIA), the President announced that the construction of the airport terminal and linked projects are on track for completion by the middle of next year. He also anticipated the successful completion and commissioning of at least three of the eight aerobridge installations planned for the new terminal by the end of this year. The President underscored that the first phase of the airport expansion project, as announced by the Administration, is progressing at a rapid pace.