The PPM-PNC presidential candidate, Dr. Mohamed Muizzu, has outlined his plans to increase the state's usable reserves to more than $500 million within five years.
At a forum held at Meerumaa Hotel on Sunday, where he shared details of his economic policy, Dr. Muizzu said the current government is not making efforts to improve the economic situation of the state and build a prosperous state. However, if elected, he hoped to reduce the current budget deficit, which stands at 15 percent, down to single digits, he said.
Dr. Muizzu highlighted that the usable reserves stood at $612 million at the end of President Abdulla Yameen's term. However, the current usable reserves have dwindled to $150 million, he noted.
"This is a huge loss. The fact that the reserves are so low is very concerning," Muizzu, who served as the Housing Minister during Yameen's tenure, said.
According to Dr. Muizzu, the Sovereign Development Fund (SDF), which President Yameen set up to gather funds to pay off government loans, had about $300 million when the current government took over. He criticized President Ibrahim Mohamed Solih's government for converting these dollars into local currency.
Dr. Muizzu further said his goal is to replenish the SDF with about $500 million and invest it to increase the fund’s holdings. This move would enable the government to accumulate the funds required to settle its debts proactively, he said.
The presidential hopeful pledged that his government would surpass the current administration in every aspect.
