President Dr Mohamed Muizzu has said the Maldives must free itself from excessive debt and dependence on foreign assistance to protect its sovereignty, warning that a country without economic independence cannot fully resist external pressure.
Addressing the official Victory Day ceremony at Republic Square in Malé on Tuesday evening, Muizzu argued that financial self-sufficiency was as important to national independence as the ability to defend the country’s territory.
He said the Maldives must build an economy capable of sustaining itself without having to depend on other nations for financial support, describing economic independence as the foundation of genuine sovereignty.
The President drew parallels between the sacrifices made by Maldivian soldiers during the attempted coup of 3 November 1988 and what he described as the present-day responsibility to protect the country from economic vulnerability.
Muizzu recalled his first presidential address on 17 November 2023, when he pledged to free the Maldives from debt-related pressures while placing national independence, sovereignty and territorial integrity at the centre of his administration’s policies.
He said his government had since been working to translate those commitments into practical measures, including changes to fiscal policy, foreign relations and national defence.
Referring to concerns previously raised about the country’s financial position, Muizzu claimed his administration had steered the Maldives away from the risk of bankruptcy.
He said the government had ended what he described as irresponsible borrowing and money printing, while continuing to meet existing debt obligations.
According to the President, these measures have also helped strengthen confidence among foreign investors.
His remarks come as the Maldives continues to face substantial public debt obligations, with debt management and fiscal consolidation remaining central issues in the country’s economic policy.
The government’s proposed 2027 budget of MVR 59.7 billion, presented to Parliament last week, includes measures intended to control expenditure and strengthen public finances.
Muizzu said financial dependence could limit a country’s ability to make decisions in its own interests, arguing that the relationship between a borrower and a lender often creates pressure that extends beyond financial matters.
He compared the position of a heavily indebted nation to that of an individual or family dependent on others for financial support.
Without self-sufficiency, he argued, countries could find themselves constrained by the expectations and demands of those providing financial assistance.
The President said the Maldives would only be able to defend its national identity, religious principles and political independence with confidence if it maintained a strong and self-reliant economy.
He also highlighted measures taken by his administration in the areas of foreign policy and national security.
Muizzu said his government had established a foreign policy centred on Maldivian interests and secured the departure of foreign military personnel previously stationed in the country.
The administration oversaw the withdrawal of Indian military personnel operating aviation platforms in the Maldives in 2024, with civilian personnel subsequently taking over their operation under arrangements between the two countries.
The President also referred to the ongoing maritime boundary dispute with Mauritius, saying his administration had withdrawn a letter issued under the previous government concerning the country’s maritime territory.
He said international legal and diplomatic efforts were underway to pursue the maritime area that his government maintains was relinquished under the earlier position.
The dispute concerns the maritime boundary between the Maldives and the Chagos Archipelago, which was determined by the International Tribunal for the Law of the Sea in April 2023.
The Muizzu administration has challenged the previous government’s handling of the case and maintains that the Maldives lost maritime territory as a result of decisions taken during the proceedings.
Turning to national defence, Muizzu said efforts were underway to strengthen the Maldives National Defence Force across its operational areas.
He said improving military capabilities was intended not only to protect the country against external threats but also to preserve its ability to make independent decisions and defend its national identity.
The President also highlighted initiatives aimed at encouraging patriotism among young people, saying more than 1,000 participants had completed training programmes while several hundred others were continuing their training.
He argued that the purpose of defending independence extended beyond territorial security to ensuring that Maldivians could live peacefully, securely and prosperously without undue external interference.
Muizzu called for greater national unity, urging citizens to move beyond political divisions and place the country’s long-term interests ahead of competing differences.
He also stressed the importance of reducing the financial burdens facing younger generations and ensuring that the Maldives could advance alongside other countries rather than remain dependent on their progress.
Drawing on the significance of Victory Day, the President said the same determination that enabled Maldivians to resist the 1988 attack should now guide efforts to overcome economic dependence.
He concluded by emphasising that loyalty to the nation and the protection of its sovereignty must remain guiding principles in the country’s development.
Victory Day is commemorated annually on 3 November to honour those who defended the Maldives during the failed 1988 coup attempt, in which eight members of the armed forces and 11 civilians were killed.
