President Dr Mohamed Muizzu announced that the government is preparing legislation to ensure a proposed 20-year National Development Master Plan remains active across future administrations.
During an appearance on Public Service Media’s (PSM) Nation Chat podcast, the President explained that the plan will outline the Maldives’ development trajectory through 2040. He stressed that legal safeguards are essential to guarantee project continuity across political transitions, pointing to past examples where new governments halted initiatives started by previous leaderships.
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President Dr Mohamed Muizzu noted that such disruptions have stalled progress, diminished public benefits, and resulted in national financial losses. A sustained strategy, he emphasised, provides a unified trajectory for development while aligning directly with the government’s goal for the Maldives to reach developed nation status by 2040.
Addressing foreign exchange challenges, he noted that negotiations for a proposed USD 100 million currency swap with the Central Bank of Malaysia are moving quickly. He explained that although national reserves reached USD 1.2 billion in February, external factors, including Middle Eastern tensions, shifting global oil prices, and Sukuk repayments, have placed strain on those reserves. Nonetheless, he expressed optimism that the country’s economic outlook will improve noticeably over the coming six months.
Regarding the Rasmalé project, President Muizzu reported that around 60 to 70 per cent of land reclamation is finished. He specified that land will be leased to foreign investors rather than sold outright, emphasising that the state will offer no sovereign guarantees, tax breaks, or duty exemptions to fund the development.
He also confirmed that the development will not impact land plots previously allocated to citizens.
