The President Calls for Economic Independence and Debt Relief on Victory Day

President Dr Mohamed Muizzu has called on the Maldives to achieve economic sovereignty by reducing its debt burden and strengthening financial self-sufficiency, likening economic independence to freedom from military subjugation. 

Speaking at the official Victory Day ceremony at Republic Square last night, Muizzu said the country must free itself from the weight of debt to secure true independence.

advertisement

advertisement

Addressing the gathering, the President honoured the martyrs of the November 3, 1988 terrorist aggression, emphasising that throughout the nation’s history, fallen patriots consistently prioritised national defence, stability, and future progress over personal gain. Reflecting on past crises, such as the Portuguese occupation, the Malabar attacks, and the Bodu Hulhu incident, he observed that each tragedy stemmed from internal greed for power, warning that national betrayal brings calamity while steadfast loyalty fosters prosperity.

With nearly four decades elapsing since the 1988 attack, President Dr Mohamed Muizzu stressed that the State bears an obligation to the younger generations who never experienced the crisis to preserve sovereignty through economic resilience. 

He asserted that safeguarding the country’s Islamic identity, language, and cultural heritage remains impossible while bound to external financial reliance, highlighting ongoing fiscal measures to halt reckless monetary expansion, avert sovereign default, and settle State debt.

The President pointed to key defence milestones, noting that foreign troops have departed Maldivian territory, legal initiatives have begun to reclaim lost maritime boundaries, and defence force capabilities are undergoing rapid modernisation. He highlighted that sweeping economic overhauls must accompany military preparedness to sustain true statehood.

Highlighting civic engagement, he reported that over 1,000 young citizens have completed training under the National Service Programme and transitioned into the active workforce to build a patriotic society. The President concluded by reaffirming his commitment to the nation’s Islamic character and calling on all Maldivians to rise above political divisions to build a self-reliant, debt-free future.