Maldives President Dr. Mohamed Muizzu has revealed the government’s plans to adopt a reform policy to improve the state’s finances and bring debt and fiscal conditions to sustainable standards.
President Muizzu made the remarks during his Presidential Address at the inaugural session of the People’s Majilis (Maldives Parliament) for 2024.
In his address, President Muizzu announced the current administration was taking steps on reducing expenditure. The government has started replenishing the sovereign fund with US dollars amidst this plan, and are now exploring new avenues to retain foreign currency within the Maldives.
The government further decided to limit the appointment of senior political positions to exceptional circumstances and provide subsidies to those most in need of them. Both moves, aimed at a control of the state’s expenditure.