President Ibrahim Mohamed Solih has stated the administration does not plan to undertake any more projects funded by loans from foreign countries or international organisations.
Speaking at a press conference held at the President’s Office on June 8, President Solih said the administration is taking steps to minimise the impact of the global economic crisis on the Maldives. The president said no new projects will be launched under loan assistance, noting some ongoing projects will also need to be suspended if the state is unable to generate its projected revenue. However, he said major projects that are already underway, such as the Greater Male’ Connectivity Project (GMCP) and the Gulhifalhu Port Development Project, will continue without interruption as the funds for these projects have been arranged.
Speaking further, President Solih assured that the Maldives is not under the risk of defaulting on its debt. The president stated the debt growth rate of the country between 2018 and 2022 has been at 12.19%, compared to 16.72% between 2013 and 2018. Therefore, he said the debt growth rate has also been more controlled during the past four years.
The administration undertaking several infrastructure development projects across the country. As such, the government is undertaking several projects in the atolls involving development of airports, roads and harbours as well as water and sewerage systems.