Maldivians Will Witness a Golden Era of Housing, Says Muizzu

President Dr Mohamed Muizzu has assured that Maldivians will soon witness a golden era of housing, emphasising that the Government is prioritising this sector. 

He made these remarks during his address at the official Republic Day ceremony at Dharubaaruge last evening. Muizzu confirmed that his Government will not delay housing initiatives until election time, with the first budget prepared by this Administration being entirely dedicated to housing. He noted that, for the first time in the country’s history, a significant MVR 1.5 billion has been allocated for housing construction. In addition, he announced that starting next year, MVR 1 billion will be allocated annually for housing loans. The Government aims to provide housing for all citizens by the end of the current term.

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Muizzu also highlighted the importance of infrastructure and construction, stating that his administration has prioritised the renovation of Government buildings and mosques. He pointed out that progress has been made on stalled projects, such as Velana International Airport and the Thilamale’ Bridge, due to the Government’s efforts. Despite budget constraints this year, Muizzu assured that his Government has successfully completed 38 development projects, with an additional 26 projects currently in progress.

Muizzu Underscores Priority Placed on Agriculture Sector under Economic Diversification

Muizzu has highlighted the significant progress made in the Maldives’ agriculture sector over the past year. Muizzu underscored the establishment of a separate Ministry of Agriculture, fulfilling a major promise of the current Administration. This restructuring has paved the way for more focused efforts and strategic investments in the sector. Additionally, Muizzu noted that an important agreement has been signed to foster increased investment opportunities in agriculture.

Muizzu highlighted the priority the Government places on reducing the reliance on food imports, ensuring greater food security for the people of the Maldives. These developments mark a significant step in the country’s efforts to attain long-term sustainability and self-sufficiency in agriculture, demonstrating the Government’s commitment to the nation’s well-being.

Muizzu Reports Progress in Clearing Government Debts and Strengthening Economy

President Dr Mohamed Muizzu has announced that outstanding payments owed by the previous administration, totalling millions, have largely been cleared. All bills under MVR 5 million, and pending for more than two weeks, have now been settled.

Speaking at the Republic Day official ceremony, President Muizzu revealed that MVR 501 million was allocated last week alone to address outstanding payments to small and medium-sized enterprises (SMEs) contracted for government work.

“We have paid the bills which are over two weeks old and under five million,” he stated.

The President highlighted that since he took office, MVR 6.6 billion has been disbursed to SMEs, prioritising them over State-Owned Enterprises (SOEs). “In the last 51 weeks and two days, the MVR 6.6 billion was not given to SOEs, but to small and medium enterprises,” he said, underscoring the government’s commitment to supporting local businesses.

President Muizzu also pointed to improvements in the country’s Sovereign Development Fund, which he reported had grown from USD 2 million at the time of the government transition to USD 78 million, with regular deposits and withdrawals managed for various development projects.

The government is actively pursuing multiple economic initiatives, including agreements with China and India, the launch of a bunkering service, and an upcoming bill for establishing an International Finance Service Authority, set to be presented to parliament soon.

According to the President, additional economic measures—such as free trade agreements, airport development projects, and the introduction of digital currency—are also expected to stimulate further economic growth.

He affirmed that the government’s economic agenda is progressing rapidly, with the objective of empowering the public and ensuring that citizens receive their rightful earnings.