President: Over 550 projects to be commenced within two months

President Dr. Mohamed Muizzu states physical works on over 550 projects will be commenced within March and April.

The President’s remarks come amid concerns over stalled projects due to economic decline.

Speaking on the first episode of ‘Rayythunnaa Eku’, a podcast hosted by the President’s Office on Thursday, President Muizzu said physical works on over 550 projects, including stall projects and new projects, will be commenced within March and April.

“We are working in the last 10 days (of Ramadan) as well. Hence, works in islands will proceed at an extremely fast pace,” he added.

The President noted that many projects will be completed within this year and the next.

Prior to this, President Muizzu has described this year and next year as years of projects and fulfillment of electoral pledges.

Notably, many state-owned companies have been contracted for numerous projects recently. They include Road Development Corporation (RDC), Fenaka Corporation and Maldives Transport and Contracting Company (MTCC).

However, the expenditure on projects is significantly lower this year, compared to last.

Meanwhile, the state debt burdens, both local and foreign, remain extremely high. The concerning economic state of the Maldives has prompted international financial agencies to repeatedly advise to reduce expenditure and halt wasteful expenses.