President Dr Mohamed Muizzu has called the past year’s biggest achievement the successful turnaround of the Maldivian economy, avoiding bankruptcy. Speaking at a ceremony marking his first year in office, the President outlined his Administration’s efforts to address serious financial challenges.

When he took office, the national debt exceeded MVR 120 billion, and an IMF report warned of a possible default by April 2024. Interest payments on loans had risen sharply, and the Public Accounts overdraft stood at MVR 8.4 billion. Despite these issues, the Administration managed to stabilise the economy and reverse its downward trajectory.

President Muizzu noted that the 2024 budget, prepared by the previous government, limited his Administration’s ability to implement projects fully. However, significant progress was still made over the year.

Looking ahead, he expressed confidence in the 2025 budget, which will be the first fully prepared by his government and aligned with its vision for sustainable development. The President reaffirmed his commitment to delivering on promises made to the Maldivian people and ensuring continued economic recovery.