Muizzu Says Discontinuation of New Bank Notes Was Best for the Economy

MV+ News Desk | February 19, 2024
Photo: The President’s Office

Halting new bank notes from being issued into circulation was a critical measure to revive the Maldivian economy, said President Dr. Mohamed Muizzu while addressing residents of Hithadhoo and Feydhoo last night.

In his remarks at the ceremony held at Feydhoo School, President Muizzu stressed that the move was challenging but necessary in order to prevent further strain on the country’s financial standing. He highlighted that the administration inherited a substantial debt of MVR 120 billion and noted that the volume of new banknotes introduced into circulation in the past five years alone exceeded that of the preceding four decades, with MVR 8 billion issued during this period.

advertisement

The President elaborated on how international financial institutions have commended the administration’s decision to halt the issuance of new banknotes, alongside other strategic measures, as bold and courageous, particularly given the economic challenges facing the Maldives.

Furthermore, President Muizzu discussed the direct benefits of projects initiated under his administration, including the bridge development project connecting Hulhumeedhoo and Hithadhoo in Addu City, even when financed through loans. He assured residents that local entities would be involved in procurement and logistical operations, ensuring that the people of Addu City directly benefit from these initiatives.

Addressing concerns raised by the Addu City Council during a previous meeting, the President expressed his intention to address their needs. However, he urged the council to reprioritize projects in light of the impending economic crisis, emphasizing the importance of focusing on the most pressing developmental needs.

ރިއެކްޝަންސް
1
0
0
0
0
0
0