President Dr Mohamed Muizzu has affirmed his commitment to fiscal reforms by confirming that state expenses were funded solely by earnings, without resorting to printing money. He made this statement during his address to the nation at the official ceremony marking the 59th Independence Day of the Maldives.
The ceremony was held at the Maldives Centre for Social Education and was attended by the Parliament Speaker, Chief Justice, Cabinet Ministers, and senior government officials.
In his address, the President shared his administration’s economic outlook. He stressed that his administration prioritises the prosperity of individuals, families, and society as a whole, and has designed the nation’s policies based on these principles.
He noted that by the end of June 2024, the state had earned MVR 18.6 billion, which was utilised for recurrent state expenses and loan repayments. The President highlighted that the nation had not deferred or defaulted on any loan repayments.
The President also spoke extensively on his policies to generate income, citing his plans to strengthen State-Owned Enterprises. He emphasised that his administration would place special emphasis on strengthening the Maldives Industrial Fisheries Company Limited (MIFCO), outlining his vision to elevate it to international standards.
He assured that the state would prioritise the recovery of funds owed. He indicated that land rent amounting to USD 513 million, TGST amounting to USD 102 million, GST amounting to USD 3.3 billion, and USD 1 billion in corporate income tax are yet to be received by the state. He stated that if the state were to recover these amounts, much of the fiscal burden would be alleviated.
The President also pledged to further economic development avenues for citizens, announcing loans for women and seeking markets for local products and artisans.
In his address, President Dr Mohamed Muizzu stressed that true independence hinges on the actualisation of three aspects – economic sovereignty, self-determination, and defence security. He highlighted the administration’s efforts in achieving these aspects.
