Debt reaches 119 billion, economy needs urgent treatment: President Muizzu

17 Nov 2023 | 22:09
President Dr. Mohammed Muizzu takes over as President and addresses the nation-- Photo: Parliament

The country is in debt of 119 billion rufiya The President Dr.Mohammed Muizzu who was sworn in today,  said. 

He was sworn in as the 8th President of the Republic of Maldives today.

Speaking in Parliament today, President Muizzu said he was standing on the lips of a pit when he was sworn in as President of Maldives. It is a gap between the expectations of the people and the performance of the government he is forming, he said.

"As I assume the presidency, the country’s debt is at 119 billion Maldivian rufiyaa. We are currently facing the highest level of public debt in our history. But I remain hopeful and confident of overcoming this enormous challenge.We will be taking bold, strong, and swift actions to put the Maldivian economy back on track." President Muizzu said.

The President added that the country's economy needs an emergency treatment and that Maldives needs fast ways to generate revenue.

Speaking at the swearing-in ceremony of the President and Vice-President, Muizzu said he would expedite the completion of the Velana International Airport to pave the way for Maldives to generate quick revenue.

", I hope to complete the mega project of expanding the Velana International Airport and opening its modern new terminal, very soon. This will bring an enormous boost to the tourism industry. It will help in increasing the number of tourists arriving in the Maldives exponentially. We will also find innovative ways to cut costs. We will overcome this situation without mortgaging Government buildings, their roofs, and their gutters.." president Muizzu said.

Dr. Muizzu and Hussain Mohammed Lateef were sworn in at a ceremony held at Jumhuri Maidan at 4:45 pm today. Both were sworn in by the Chief Justice of Maldives.