The next five years will be a golden age for housing, the new president Dr. Mohammed Muizzu said.

He was sworn in as President and addressed the people. Dr.Muizzu said land and housing issues are very sensitive issues in Maldives. Lack of adequate housing leads to social, religious and moral problems and many health problems due to housing problems, he said.

The President said that his government will bring a major solution to the entire housing problem.

"This new government of all will spread a necklace of state-of-the-art buildings and gardens from the northern hill to the forest. Many of the paperwork has been written." The President said.

The new government has included Rs 400 million in next year's budget to  dredge the Fushidhiggarufaru.

The President said the new government will develop the country with a regional development mindset. Medium-term and long-term plans will be made to achieve that, he said. He also that  he would give the people the opportunity to share their views and aspirations when planning the country's development.

He said there are many important plans to save the economy from the pit it is currently in. The government debt stood at Rs 119 billion, the largest debt Maldives has ever seen.

"The economy of Maldives today needs an urgent solution. Fast ways to generate revenue are essential. For that, I hope to open the huge project of developing the Velana International Airport soon," he said.

With the new terminal, more tourists will come and the entire tourism sector will grow, he said. He said he would work to increase revenue as well as reduce expenditure.