Muizzu Reaffirms Commitment to Fiscal Reforms
President Dr Mohamed Muizzu has reaffirmed his commitment to fiscal reforms, emphasising that state expenses are being funded solely by earnings, without resorting to printing money.
He made this statement during his address at the official ceremony marking the 59th Independence Day of the Maldives, held at the Maldives Centre for Social Education. The event was attended by the Parliament Speaker, Chief Justice, Cabinet Ministers, and senior government officials.
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In his address, Muizzu outlined his administration’s economic outlook, stressing that his government prioritises the prosperity of individuals, families, and society as a whole. He noted that by the end of June 2024, the state had earned MVR 18.6 billion, which was used for recurrent state expenses and loan repayments. Muizzu highlighted that the nation had not deferred or defaulted on any loan repayments.
Muizzu also discussed his policies to generate income, particularly through strengthening State-Owned Enterprises. He emphasised a special focus on elevating the Maldives Industrial Fisheries Company Limited (MIFCO) to international standards.
Additionally, he assured that the state would prioritise the recovery of owed funds, specifying 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. Muizzu stated that recovering these amounts would significantly alleviate the fiscal burden.
Furthermore, Muizzu pledged to advance economic development avenues for citizens, announcing loans for women and seeking markets for local products and artisans. He underscored that true independence hinges on the realisation of economic sovereignty, self-determination, and defence security, highlighting the administration’s efforts in these areas.
Muizzu also declared that the initial step in securing the Maldives’ defence sovereignty had been achieved with the evacuation of foreign troops stationed in the country. He assured that no foreign troops, whether in uniform or not, would be present in the Maldives.
Muizzu noted that military personnel had been evacuated from platforms provided by the Indian Government, which are now operated by civilians. He also mentioned the first patient transport flight from Hanimaadhoo to Male’ City for emergency services.
Muizzu asserted that full control of territorial waters is crucial for national defence sovereignty, indicating the use of advanced technologies, including unmanned aerial vehicles (UAVs), for continuous surveillance of maritime domains. He outlined efforts to enhance the capabilities of the armed forces, secure necessary funding, and significantly increase the Coast Guard’s capacity.
Muizzu reiterated that upholding the country’s independence is a source of pride for him. He announced that the Administration has launched a reform agenda focused on enhancing individual growth. He stated that individual independence is inherently linked to the nation’s independence, and the Administration’s reforms aim to provide citizens with the security and freedoms necessary to build their own livelihoods.
Muizzu highlighted that significant progress had been achieved within the past eight months since assuming office, with ongoing efforts continuing. He revealed that his Cabinet had convened 17 times, reaching 225 decisions, while the Economic Council had convened 56 times, reaching 176 decisions, and the Social Council had convened 16 times, reaching 48 decisions. All these decisions are being implemented, aligning with his belief that his highest responsibility upon assuming office is to ensure the sovereignty of the nation is protected.
