The paramount achievement of President Dr Mohamed Muizzu's administration has been the successful prevention of an economic collapse and the overcoming of the economic challenges that were present when the administration assumed office in November 2023, according to Minister of Economic Development and Trade Mohamed Saeed.
Minister Saeed made this statement during an interview with PSM News, coinciding with President Dr Muizzu's ongoing visit to several islands in the Haa Alifu Atoll. The president embarked on a three-day tour of several islands in the Haa Alifu Atoll on Tuesday.
According to Minister Saeed, President Dr Muizzu's administration inherited an economy in a precarious state. Despite these challenges, he said that the administration has adeptly navigated the economic hardships, addressed the economic issues, and ensured that the economy did not descend into bankruptcy.
As a result of these efforts, Minister Saeed said, the administration has been able to launch new developmental projects, providing the country with a much-needed sense of relief. He credited this progress to the administration's prudent economic policies. The economy has since regained the trust of both local and international businesses, he added.
"During the economic hardships, for example, we launched an air ambulance service. We also commenced wide-body aircraft operations, which have been bringing in tourists from China. Thanks to these measures, we avoided an economic collapse and emerged from that perilous situation, bringing relief to the employment market. Additionally, infrastructure projects have been initiated," stated Minister Saeed.
Minister Saeed characterised President Dr Muizzu as a leader who takes calculated steps. The president formulates his policies after listening to the public and incorporating their input, he underscored. This, according to the minister, is the foundation of the public's trust and confidence in President Dr Muizzu.
Minister Saeed also elaborated on the administration's developmental agenda for the Haa Alifu and Haa Dhaalu Atolls. President Dr Muizzu aims to increase the number of tourism beds in the region this year, he said, adding that the administration is diligently working to achieve this objective. He further mentioned that, as part of the proposed economic gateway development project in the region, land reclamation work will commence this year.
The minister also affirmed that this year will be exceptionally productive for the nation's economy. In addition to the projects specified in the budget, Minister Saeed noted that other initiatives in various sectors, funded through investments and alternative sources outside of the budget, are slated to commence this year.