President Ibrahim Mohamed Solih has reassured the nation that the Maldives is not on the brink of bankruptcy, countering claims made by his political rivals.
Speaking at a mass campaign rally at HDh. Kulhudhuffushi on Monday night, President Solih assured the public that it is clear even to his rivals that the Maldives would not go bankrupt. While this is the case, they speak regarding the Maldives' loans to deceive the people, he said, adding that the government has a well-defined plan to manage and repay its loans.
The president said the loan repayment amounts in 2026 amount to $800 million. He underscored that loan restructuring is one of the strategies being explored to ease the repayment burden, expressing his confidence in the Maldives' ability to honor its obligations.
The president further said the government paid $250 million of the $500 million sukuk borrowed during the COVID-19 pandemic to repay the sunny side bond inherited from the previous government. Reiterating that the government has no difficulty in repaying loans, the President said foreign financial institutions and countries lend to the Maldives with confidence in its ability to repay. He projected that by 2026, the state revenue will surpass MVR 45 billion and said he was making pledges for a potential second term based on calculations and plans stemming from the projected figures.
"What you are seeing is the result of well-executed plans," said President Solih, referring to projects undertaken in the current term.
Directing his remarks to the people of Kulhudhuffushi, President Solih criticized previous governments for attempting to consolidate all powers under the central government in Male' and disempower the people. While previous governments did not wish to develop the islands, all they did was plan ways to exert control over the people, the president alleged. Despite such challenges, the people of Kulhudhuffushi have always grabbed at every opportunity to bring development to their island, he noted.
President's pledges for Kulhudhuffushi
- Dredging the land to the maximum extent possible
- Establishment of an international standard recreational center
- Development of a local-commercial harbor
- Develop all roads to modern standards
- Develop a yacht marina and facilities to accommodate cruise lines
- Develop Kunburudhoo island near Kulhudhuffushi as an industrial island
- Construction of an access road to the land north of the airport
- Establishment of a conventional center
- Development of a picnic island near Kulhudhuffushi
- Introduction of a special financial assistance package for the development of local tourism
The President said under his administration, the councils have been empowered with the concessions and powers given to them through the decentralization system. Assuring that more powers will be given to the councils in a second term, he cautioned that if his rivals were to assume power, they might undermine the autonomy of councils and halt ongoing island development projects.
President Solih affirmed his dedication to bringing progress to Kulhudhuffushi, aiming to make the island a high priority during his potential second term in office.
