President Dr. Mohamed Muizzu has said that the government has started depositing USD in the Sovereign Fund and is exploring new ways to contain foreign exchange.

In his presidential address at the opening ceremony of the Parliament this morning, the President said that he is working round the clock to save the country from the economic crisis and to start new projects so that the state does not have to bear the burden on the state's finances.

He said the government was looking at ways to reduce the state's debt and reduce the debt of the state.

"The settlement committee, which was set up to compensate various people from the state exchequer without any uniformity, will now be disbanded. We have also started depositing dollars again in the sovereign fund," he said.

President Dr. Muizzu added that the administration is also exploring new ways to hold foreign exchange in the country.

He further added that the fiscal and debt situation of the Maldives was worse than expected when the government took over. President Dr. Muizzu said that the former government had distributed assets worth MVR 1 billion to different individuals as compensation.