President Dr. Mohamed Muizzu has said that the most important step the government has taken towards economic reform is ceasing money printing.
Meeting the residents of Hithadhoo and Feydhoo island of Addu City on Sunday night, President Dr. Muizzu said it was not an easy decision to stop printing money. However, he stressed that failure to do so would have exacerbated the country's financial woes.
President Dr. Muizzu revealed that the current administration inherited a staggering debt of MVR 120 billion from its predecessor. Revealing the enormity of the economic challenge, the president disclosed that the amount of money printed in the past five years surpasses that of the previous four decades, totaling MVR 8 billion.
The president said the government's steps to cease printing money and change the economic situation in Maldives are a bold decision that no other country facing similar economic predicaments has taken, as recognized by international financial organizations.
The president further revealed that the government will secure loans to implement major projects in such a way that will benefit the people. The construction of the bridge connecting Addu City's Hulhumeedhoo and Hithadhoo will also be constructed for the benefit of the people, he said, assuring that some of the equipment and logistics works required for the project would directly benefit the people of Addu City.
Addressing concerns raised by the Addu City Council earlier that day, the president pledged to resolve all issues raised by the council. However, he advised the council to factor in the current economic conditions when prioritizing and executing projects.
