President Muizzu says averting bankruptcy biggest accomplishment

President Dr. Mohamed Muizzu on Sunday named overcoming fiscal challenges and averting bankruptcy as the biggest accomplish during his first year in office, adding that his next mission is to bring development.

Maldives has an external debt service obligation of about USD 600 million due in 2025, and more than USD 1 billion in 2026 – including a USD 500 million sukuk.

This has led to repeated warnings that the Maldives is on the brink of bankruptcy.

The Maldivian administration has repeatedly provided assurance it will honor its debt obligations to creditors and investors. It has also implemented measures aimed at alleviating the situation, including reducing the number of political appointees, reforming the Aasandha public health insurance scheme and raising taxes.

Addressing a rally held at AA. Rasdhoo on Sunday afternoon, President Muizzu named averting bankruptcy as his biggest accomplishment in his first year in office.

“Saving the economy and moving towards safer shores has actually been our biggest accomplish this past year. We averted defaulting [on our debts] and saved the country,” he said.

“This may not be tangible. True, it is not something visible to the eye. It is not something that can be held with our hands. But this has been our biggest accomplishment. This involved a lot of effort on our part.”

President Muizzu said that in the coming years, he will continue to shape the country on the foundation he laid this year.

President Muizzu said that development does not necessarily have to be tangible.

He added that overcoming the social issues facing the Maldives such as the drug crisis and illegal migration are crucial to the development of the country.

“Development isn’t just the buildings you see before your eyes. Real progress means constructing that building, resolving social issues, spiritual development, and the establishment of a constructive and self-sufficient society,” he said.

President Muizzu said that the Maldivian people will also begin to see tangible development starting next year. He said that his administration will bring development across all sectors, including health, sports and education.

He said that this will also include saving the Maldives from the scourge of drugs and resolving the issue of illegal migration.

“I want to bring holistic develop in the real sense of the word. I believe this is what the people want as well,” he said.

President Muizzu also provided assurance that the administration will run development projects in Rasdhoo including the harbor project. He said that the administration will fulfill the aspirations of the people.