President Dr. Mohamed Muizzu announced that the government has successfully recovered MVR 3.7 billion in unpaid funds owed to the state.
Speaking at a ceremony held at the Dharubaaruge on the occasion of the Republic Day on Sunday, President Dr. Muizzu said the government made intensified efforts to recover outstanding funds. In this regard, the laws and regulations were amended and enforcement was strengthened, he said.
"[The amount recovered includes] over MVR 3.7 billion owed to the state, for which recovery efforts were not made in the past due to negligence. We have recovered the people's money and returned it to the people's accounts," he said.
This recovery has also reduced the government's need for additional borrowing, he noted.
President Dr. Muizzu said the budget for next year includes important reforms related to subsidies, Aasandha, the pension system, and government-owned companies. The reforms are designed to better assist the neediest demographic group, he said.
