President Dr Mohamed Muizzu has announced that Gulhifalhu, Hulhumale' Phase 3, and Giraavarufalhu will be fully reclaimed next year.

He criticised previous financial mismanagement, including excessive currency issuance and MVR 1 billion in controversial payouts, and pledged to avoid such practices. Over the past year, his government recovered MVR 2.6 billion of the MVR 16 billion owed to the state and cleared MVR 250 million in fishermen’s arrears while distributing over MVR 1 billion to the sector.

The President highlighted progress in land reclamation, with Gulhifalhu 70 per cent complete, Hulhumalé Phase 3 at 38 per cent, and Giraavarufalhu at 33 per cent. He assured these projects would be finished soon.

Dr Muizzu also promised to revise unfavourable agreements with foreign companies and ensure housing is distributed fairly, cancelling fraudulent claims and allocating 4,000 flats transparently.

He acknowledged completing 44 per cent of planned projects but expressed confidence in achieving more in the year ahead.