In a bold move to reclaim the Maldives’ economic independence, President Dr. Mohamed Muizzu is implementing a strategy to pay off the nation’s staggering debt without resorting to the sale of national assets. This approach has garnered praise from various quarters, including Member of Parliament for South Feydhoo, Ibrahim Didi (IB), who lauded the President’s commitment to preserving the country’s sovereignty.
Speaking at a last night People’s National Congress (PNC) gathering, MP IB highlighted the dire financial situation inherited by the Muizzu administration. “When President Muizzu took office, the nation was submerged under a debt of MVR 126 billion,” Didi remarked, drawing an analogy of a boat sinking 126 meters underwater.
Despite the overwhelming debt, President Muizzu has taken decisive steps to address the crisis. The administration has repaid significant portions of the debt, including USD 259.8 million owed to private companies and USD 454.6 million to public entities. Additionally, USD 175 million has been allocated for loan repayments.
Crucially, these repayments have been made without selling off national assets, a departure from previous administrations’ strategies. “Those who claimed they could run the country with a few laptops and an uninhabited island left us burdened with billions in debt and sold off our national assets,” IB criticized, underscoring the current government’s commitment to safeguarding the nation’s wealth.
The President’s approach is not just about debt repayment; it’s about restoring the Maldives’ economic sovereignty. By avoiding the sale of national assets and focusing on strategic debt management, the Muizzu administration aims to ensure that the country remains free from undue foreign influence.
Looking ahead, the administration is preparing for substantial debt repayments in the coming year, demonstrating a proactive stance in managing the nation’s finances. MP IB expressed confidence in the President’s leadership, stating that under Muizzu’s guidance, the Maldives will emerge as an independent and sovereign nation in all aspects.
This economic strategy marks a significant shift in the Maldives’ approach to financial management, emphasizing self-reliance and national pride. As the country navigates its way out of debt, the Muizzu administration’s commitment to preserving national assets and sovereignty stands as a testament to its dedication to the Maldivian people.
