President Solih has said that goal by the end of his five-year term is to gain economic progress and build the  national reserve up to USD 1 billion.

President Solih said this during his presidential address on the occasion of the first sitting of Parliament, 2019 taking place at Dharubaaruge. Speaking regarding the country’s monetary policy, President Solih said that USD 308 million has been added to the the nation’s usable reserve. This is the first time since 2012 that the country’s usable reserve has increased by this much.

President Solih has said that goal by the end of his five-year term is to gain economic progress and build the  national reserve up to USD 1 billion. He added that God-willing, this goal will be reached by the end of his term.

The President noted in his address that taking into account the financial calculations of the State by the end of 2018, the state had acquired MVR 21.7 Billion in aid and income.

The President also added that while MVR 25.5 billion had been utilized as expenditure by the State, the budget had a deficit of MVR 3.8 billion last year.

President Solih reiterated that the government also incurred a debt of MVR 47.9 Billion and that the amount is 58 per cent of the GDP.

The President reported that, as per the current economic progress, the State will earn an income of MVR 23.3 billion within this year. This is a 7.8 per cent increase from the amount earned in 2018.

President Solih said that Islamic Monetary Policy instruments will be introduced within the year in an effort to reform the country’s monetary policy.