President Ibrahim Mohamed Solih has assured that a comprehensive plan is in place to repay USD800 million of debt by 2026.
Speaking at the presidential debate, President Solih said that the administration has a refinance policy to pay back the country's debt within three years. As such, he said that half of the USD800 million will be refinanced. He detailed that USD100 million of loans from Abu Dhabi Fund for Development (ADFD) is required to be repaid by 2026 while USD500 million of Sukuk bonds were taken during the COVID-19 pandemic and the rest of the loans were taken for other state expenditures.
Additionally, President Solih said that the sovereign fund currently has USD389 million and that his administration aims to add USD350-400 million by 2026, adding that he has no intention of increase taxes if he were elected for a second term. He also highlighted that his administration has seen state revenue grow from USD1.4 billion to USD2.2 billion, adding that it will reach USD3 billion by 2026.
Furthermore, President Solih said that the health sector was in a state of failure when he assumed office but that his administration has been able to develop and expand the sector with the construction and development of health centres and hospitals across the country. He also said that his administration is making efforts to import high quality medicine from Europe and make them available with the national health insurance scheme. He added that his administration has harmonised the prices of 71 medicines and saved USD1.3 million.