President Dr Mohamed Muizzu has announced that the government has settled USD 28.8 million in outstanding payments owed to private companies for completed infrastructure projects carried over from the previous administration.
Speaking at the ruling People’s National Congress (PNC)’s “Dhivehinge Raajje” rally on Friday night, President Muizzu said the current government began clearing the backlog of unpaid bills on 6 November. Since then, payments have been made for 1,040 pending invoices.
“We will not stop until all bills have been cleared. We are working to revive the economy without resorting to printing money,” he said, emphasising the administration’s fiscal discipline and commitment to continuity in development.
The President highlighted ongoing efforts to maintain momentum on infrastructure projects while steering the economy toward recovery. He noted that a total of 1,875 development projects are currently in progress nationwide, 1,356 of which were launched after his government took office. According to Muizzu, the objective is to strengthen both private and public sectors and support greater economic diversification.
To further empower the private sector, the government has awarded 206 projects across nine development areas, assuring timely payment in order to avoid the financial setbacks experienced by companies under the previous administration.
President Muizzu reiterated that development would be delivered equitably across all islands, without discrimination. One example he highlighted was the nationwide expansion of ATM services.
Under the government’s “ATMs Across the Country” initiative, 105 self-service ATMs have been installed across all inhabited islands as of the end of last month. The project, executed by the Bank of Maldives (BML), was completed within nine months.
The President also announced ongoing efforts to broaden financial services by installing US Dollar ATMs in the atolls. By March next year, 70 islands—including those with more than 150 tourist beds, capital islands, urban centres, and islands with populations above 2,000—will have dedicated USD ATM machines.
In addition, the government plans to introduce USD ATMs in seven key urban centres and islands that play a significant role in local tourism, aligning with broader development policies aimed at enhancing economic accessibility and island-level services.