In a speech delivered at the opening ceremony of the People's National Congress (PNC) office, President Dr. Muizzu proudly announced that his administration has repaid 2.7 billion MVR in foreign loans.

Speaking at the event held at H. Veyovilla, near the artificial beach last night, he emphasized that this achievement was made without resorting to printing additional money.

During his address, President Dr. Muizzu highlighted the significant economic progress made in the seven months of his presidency. He reported that 13 billion MVR has been paid off, including 4 billion to various Maldivian companies, 7 billion to government-owned enterprises, and 2.7 billion to foreign companies.

He stressed that these payments were made solely from earned revenue, without printing money or taking new loans. "Without printing money, without taking loans, from the earned money, 13 billion has been paid off," said the President.

President Muizzu also noted that the sovereign development fund, which had only MVR 2 million when he took office last year, now boasts a substantial MVR 54 million, deposited over the past seven months.

He credited the majority support from Parliament and the people for enabling the PNC's economic agenda to advance as planned, highlighting the halting of money printing as a significant victory.

He further mentioned that international financial institutions have commended the government's decision to stop printing money, a practice the previous administration had relied on to cover expenses.

President Dr Muizzu also criticized the opposition for spreading misinformation and attempting to downplay the government's economic successes.