President Dr Mohamed Muizzu has announced that his administration is drafting legislation to legally protect the Maldives’ 20-year National Development Master Plan, aimed at ensuring major national projects continue regardless of changes in government.
Speaking on Public Service Media’s Nation Chat podcast, President Muizzu said the long-term plan will establish a clear development pathway towards the Maldives becoming a developed nation by 2040.
The President said previous changes in government have sometimes resulted in projects launched by one administration being discontinued by the next. He said such disruptions have slowed development, reduced benefits to the public and caused significant financial losses.
To prevent this, Muizzu said the 20-year Master Plan should not simply exist as a policy document. His administration is working on legislation intended to safeguard its implementation across successive governments.
The 2040 vision is not new. Muizzu previously announced his ambition for the Maldives to become a fully developed nation by 2040, while consultations on the 20-year development plan were launched during his administration.
Muizzu said presenting the Maldives’ long-term development ambitions internationally would also help the global community better understand the country’s aspirations and potentially open new opportunities.
$100 million Malaysia currency swap
The President also addressed foreign exchange pressures and economic stability, revealing that work is progressing on a proposed USD 100 million currency swap arrangement between the Maldives and Malaysia’s central bank.
The development comes after Malaysian Prime Minister Anwar Ibrahim’s State Visit to the Maldives earlier this month, during which the two countries discussed expanding economic cooperation, trade and investment. Malaysia also agreed in principle to begin negotiations on a Preferential Trade Agreement with the Maldives.
Muizzu said the Maldives’ foreign exchange reserves had reached USD 1.2 billion in February before being affected by developments in the Middle East, changes in global oil prices and Sukuk repayments.
He expressed confidence that the country’s economic situation would improve significantly over the next six months.
Rasmalé reclamation reaches 60 to 70 percent
Addressing the Rasmalé development, Muizzu said approximately 60 to 70 percent of the land reclamation work has now been completed.
He said land designated for foreign investment would be leased rather than transferred into foreign ownership.
The President also said the government would not provide sovereign guarantees, tax concessions or import duty exemptions for the project, while assuring that land plots already allocated to Maldivians would not be adversely affected.
Muizzu said long-term planning is essential to prevent development setbacks and ensure investments made today continue delivering benefits to future generations.
During the roughly one-hour Nation Chat episode, the President also discussed housing, employment and other national priorities. He encouraged students currently sitting major examinations across the country to maintain a balance between their studies, sports and religious obligations.
