President Dr Mohamed Muizzu has announced that the Ministry of Finance will release MVR 500 million this week to Maldivian companies for work completed for the government.

Speaking to residents of Hoandedhoo island, President Dr Muizzu highlighted the financial challenges inherited from the previous administration, stating that the budget was structured in a way that hindered progress. Despite these challenges, he affirmed that the government has been paying off debts without printing money, ensuring the country remains financially stable.

"The Ministry of Finance has allocated over MVR 500 million to various Maldivian companies for government-contracted work. This includes payments to small and medium enterprises," the President said.

He also noted the poor management of key state-owned enterprises under the previous administration, including Fenaka, RDC, MTCC, and WAMCO. He assured that efforts are being made to prioritise payments to these companies, aiming to disburse a significant portion by January and February, ahead of Ramadan.

President Dr Muizzu reiterated his administration’s commitment to carrying out development projects without burdening the country with additional debt or devaluing the currency. He emphasised the importance of maintaining the Maldives' independence while fostering relationships with nations that provide the greatest benefits to the country.

The President reaffirmed his "Maldives First" and "Pro Maldives" policies, which prioritise the nation’s sovereignty and economic growth, ensuring development while protecting the interests of Maldivians.