President Dr Mohamed Muizzu has called for transformative economic reforms that strengthen the Maldives’ economy without compromising national identity, independence or sovereignty.

Speaking at the official Victory Day ceremony held at Republic Square tonight, President Dr Muizzu said the reforms must establish economic self-sufficiency, support domestic development and strengthen the country’s economic position in international affairs.

He said economic independence was essential to ensuring a prosperous and happy life for the people, enabling both individuals and nations to exercise their freedom without external influence.

The President stressed that the Maldives must break free from debt dependency and build an economy that does not require it to submit to creditors’ demands.

Recalling his first address to the public on 17 November 2023, President Dr Muizzu said he had pledged to revive the struggling economy and protect the country from debt-related risks.

He said the Government had averted warnings of bankruptcy, ended irresponsible borrowing and money printing, and was repaying outstanding debts, contributing to growing confidence among foreign investors.

Highlighting measures to safeguard national sovereignty, the President said foreign military personnel had been repatriated, a letter concerning the relinquishment of a large maritime area had been withdrawn, and international efforts to reclaim the territory had begun. He also noted ongoing efforts to strengthen the military capabilities of the Maldives National Defence Force (MNDF).

More than 1,000 young people have graduated from the Dhivehi Vaishaa Service and are entering the workforce, he added.

President Dr Muizzu assured the public that no Government action would compromise the Maldives’ Islamic identity or full independence.