In a commendable display of fiscal prudence and strategic development, President Dr. Mohamed Muizzu has highlighted his government's notable accomplishments over the past seven months. During the inauguration of the ruling People’s National Congress (PNC) House, the President detailed a series of significant financial and infrastructural milestones that reflect a commitment to economic stability and growth.
Financial Milestones
Debt Repayment Success
One of the most remarkable achievements of the current administration has been the successful repayment of MVR2.7 billion in foreign debt. This impressive feat was accomplished without defaulting and without resorting to high-interest loans or the issuance of additional currency notes. In total, the government has settled MVR13 billion in debts, addressing obligations to both foreign and domestic parties.
Addressing Inherited Domestic Dues
The President disclosed that his administration inherited MVR9 billion in unpaid dues for services commissioned by previous administrations. Within a short span of seven months, MVR4 billion of these domestic bills have been settled, demonstrating a robust approach to clearing inherited financial liabilities.
Sovereign Fund Growth
The sovereign fund, a critical financial reserve for the nation, has seen a significant increase from USD2 million to USD54 million under the current administration. The President ambitiously aims to bolster this fund to USD100 million by the end of the year. This growth reflects the administration's strategic financial planning and its commitment to building a solid economic foundation.
Positive International Recognition
The Administration’s decision to halt the issuance of additional currency notes has been met with positive recognition from international financial institutions. This policy has been crucial in maintaining economic stability and ensuring the long-term health of the nation's financial system.
Infrastructure Development
Velana International Airport Expansion
A centerpiece of the Administration’s infrastructural agenda is the ongoing development at Velana International Airport (VIA). President Muizzu announced that the construction of the new airport terminal and associated projects are on track for completion by mid-next year. Moreover, at least three of the eight planned aerobridge installations are expected to be operational by the end of this year.
The rapid progress of the first phase of the airport expansion project underscores the Administration's commitment to enhancing the country's infrastructure, which is vital for supporting tourism and boosting the economy.
Looking Ahead
President Muizzu's recent announcements highlight a period of dynamic progress and strategic management. The government's focus on financial responsibility, coupled with ambitious infrastructural projects, is laying the groundwork for a prosperous future. As the Administration continues to clear inherited debts, grow the sovereign fund, and develop key infrastructure, the nation is well-positioned for sustained economic stability and growth.
Conclusion
The past seven months have been marked by significant achievements under President Dr. Mohamed Muizzu's leadership. Through diligent debt repayment, strategic financial management, and ongoing infrastructural development, the Administration is charting a course toward a robust and resilient economy. The milestones celebrated today are a testament to the government’s unwavering commitment to the nation’s long-term prosperity and stability.
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