President Dr. Mohamed Muizzu stated today that the country's economic situation is stable and there are no concerns regarding the repayment of loans.

During a press conference held at the President's Office today, the President highlighted that the Maldives' gross reserves have reached an all-time high. He noted that the gross reserves currently stand at USD 1.27 billion.

"The figure I mentioned in the Presidential Address was already a record. Since then, the reserves have surpassed even that record level," the President said.

He added that the government is working with relevant parties to secure additional funds required for various purposes this year, noting that the discussions have been very successful and are nearing conclusion.

"Therefore, we have absolutely no concerns regarding debt repayment. None at all. Even if payments were due today, we have sufficient funds to cover them," the President affirmed.

The President further noted that under the Foreign Exchange Act, the amount of currency exchanged had reached USD 116 million by the end of last month.

"The economy is in very good shape; there is no cause for concern. We have a robust, expanding, and rapidly growing economy. God willing, the economic situation of the Maldives will continue to improve in the future," he said.

The President emphasized that the economy is being managed in a way that ensures all foreign debts are serviced while also settling domestic payments. In this regard, he announced that the government will release MVR 200 million next week to settle outstanding payments to small businesses.

"We are prioritizing payments to vendors with smaller outstanding amounts. Next week, we will be clearing bills that are valued at less than one million Rufiyaa. In that week alone, approximately MVR 200 million will be paid out to those who have provided services to the government and are awaiting payment," the President stated.