President: I will do what I have to do to pay businesses, but won't print

President Dr Mohamed Muizzu has reiterated that his administration is settling outstanding debts to private businesses without resorting to printing money, despite public concerns over recent financial maneuvers.

Speaking in Fonadhoo, Laamu Atoll on Monday evening, Muizzu said the government inherited billions in unpaid bills from the previous administration and is now actively clearing those dues. “We are doing what we must to pay the money owed to companies, without printing money,” he said.

Earlier this month, Muizzu pledged to settle all verified outstanding payments to private businesses within five weeks. On Monday, he narrowed that timeline, saying the payments would be completed “within the next week or two.”

The President’s remarks come amid scrutiny over a recent MVR 2.5 billion transaction involving the Pension Office and the Maldives Monetary Authority (MMA). The Pension Office board approved the sale of a government bond in the secondary market, reportedly to raise funds for debt repayment. While the Finance Ministry has yet to officially confirm the transaction, local media have linked the funds to Muizzu’s debt clearance pledge.

ރައީސުލްޖުމްހޫރިއްޔާ، ލ. ފޮނަދޫ ރަށު ކައުންސިލް އަދި އ.ތ.މ. ކޮމިޓީއާ ބައްދަލުކުރެއްވުން#RayyithunGaathah #LaamuAtollVisit pic.twitter.com/wnGiXjQvBt

— The President's Office (@presidencymv) October 20, 2025

Opposition figures have criticized the move. Former President Abdulla Yameen claimed the transaction amounted to “printing money,” while the Maldivian Democratic Party (MDP) called it a “dangerous new tactic” to extract funds from the pension system.

Government officials, however, maintain that the transaction does not constitute money printing. They argue that the bond sale was a legitimate financial instrument and part of a broader strategy to stabilize the economy.

Muizzu emphasized that the economy is recovering from the “bad state” it was in when his government took office. He said the administration is also paying for work completed last year, and that the debt repayment process is being handled responsibly.