State owed a staggering MVR 13 billion; President Muizzu vows to recover funds

President Dr. Mohamed Muizzu says that the state is owed a staggering MVR 13 billion, and that his administration will recover the funds.

He made the remark at the official ceremony held to mark Maldives’ 59th Independence Day on Friday night.

In his address, President Muizzu said that past administrations had failed to recover billions of Rufiyaa in funds owed to the state.

He stressed that the state has a legal right to recover the funds.

According to President Muizzu, the outstanding land rent alone amounted to USD 513 million when he took office last year.

Meanwhile, the outstanding TGST amounted to USD 102 million, the outstanding GST amounted to USD 3.3 billion, and the outstanding corporate income tax amounted to USD 1 billion.

“This is approximately MVR 13,000 million. MVR 13 billion that they failed to recover. They made no effort to recover it. If we are able to recover these funds alone, then our debt crisis would be resolved. God willing, we will recover these funds,” he said.

President Muizzu said his administration has initiated efforts to recover the funds. And that many have begun repaying the debt upon receiving notices.

He stressed that the recovery of the funds is crucial to alleviating the country’s fiscal burden.

President Muizzu said his administration will not hesitate to take legal action to recover the funds stolen in various corrupt schemes, including the MMPRC graft scandal.

He said that the establishment of true justice, requires the establishment of fairness in all matters.

“We will introduce an asset recovery law to recover MMPRC funds and other funds owed to the state. Efforts are already underway on this front,” he said.

President Muizzu added that the elimination of corruption is crucial to establishing good governance, and promised that his administration will engage in a massive anti-corruption campaign, at a scale the country has never seen before.