President Ibrahim Mohamed Solih has made the decision to recall the proposed reduction to resort land rent.

Speaking to 'One', a President's Office official said that President Solih made the decision after discussions with the economic council.

Citing the Russia-Ukraine crisis, the official added that the administration cannot lose any revenue in light of the world economics.

The decision comes in the wake of comments by Central Bank MMA Governor and other businesses advising against land rent reduction.

Governor Ali Hashim stated that Maldives should take example from neighbouring Sri Lanka's drastic economic policies which have added to the country's economic crisis, leading to Sri Lanka seeking relief from International Monetary Fund (IMF).

MIRA's Deputy Commissioner General, Asma Shafeeu, has also stated that the government revenue would decrease by MVR 590 million if the proposed amendments are approved to reduce resort rent.