President Dr. Mohamed Muizzu has announced that the government aims to recover over USD 843 million owed to the state through various means. He made the statement during his address at the official ceremony marking the 59th Independence Day of the Maldives, held at the Maldives Centre for Social Education (MCSE).
Speaking at the ceremony, President Dr. Muizzu outlined the steps and policies his government is implementing to enhance governance. He highlighted that previous administrations have left billions of Maldivian Rufiyaa unrecovered, despite these being legally due amounts. He also shared statistics on the outstanding amounts, emphasising the need for action.
Additionally, President Dr. Muizzu said that over USD 843 million remains unrecovered, including USD 513 million in land rent, USD 102 million in Tourism Goods and Services Tax (TGST), USD 3.3 billion in Goods and Services Tax (GST), and USD 1 billion in corporate income tax. He also assured the public that recovering these funds is a top priority for the state, which would significantly reduce the fiscal burden.
Furthermore, President Dr. Muizzu said that recovering these amounts would alleviate the government's debt issues. The president pledged that the current administration would succeed where previous ones had not, even if it means resorting to legal action. He, however, expressed confidence that at least half of the amount could be recovered without such measures. He also said that the recovered funds would be used to ensure economic sovereignty and eliminate debt.
Moreover, President Dr. Muizzu committed to recovering money lost through corruption at the Maldives Marketing and Public Relations Corporation (MMPRC). He announced plans to introduce an asset recovery law to reclaim these lost funds. Eradicating corruption, he said, is crucial for strengthening the economy and establishing good governance in the Maldives.