Gov’t Paid Over MVR 13 Billion Without Resorting to Money Printing, Says Muizzu

President Dr Mohamed Muizzu highlighted that the government has paid over MVR 13 billion in debts over the past seven months without resorting to printing money or taking high-interest loans. 

Speaking at the inauguration of the PNC House, Muizzu noted that this approach aimed to avoid detrimental financial practices that could burden the country.

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Since assuming office in November last year, the government has settled MVR 4 billion owed to private companies and MVR 7 billion to various government entities. Additionally, MVR 2.7 billion of external debt was repaid without defaulting on any loans.

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“We have prioritised payments for development projects and essential expenditures without resorting to money printing,” Muizzu stated. He emphasised the government’s commitment to fiscal responsibility, pointing out that halting money printing had been a significant policy pledge during his election campaign.

Addressing criticisms from the opposition, Muizzu affirmed the government’s transparency in financial matters, asserting that accurate reporting of financial achievements was paramount.

Regarding the Sovereign Development Fund, Muizzu highlighted its pivotal role in managing foreign debt obligations. He indicated that the fund, which began with USD 2 million, now holds USD 54 million, demonstrating successful efforts to bolster financial reserves.

Looking forward, Muizzu reaffirmed the government’s economic agenda, aiming to maintain consistency with its manifesto promises. He expressed confidence in achieving further fiscal milestones by year-end.

Muizzu concluded by underscoring the necessity of prudent financial management, describing it as the most effective approach to ensuring the Maldives’ economic stability and growth.