Wednesday 24th Jul 2024
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Economic development

MVR 7 Billion in Bills from Previous Government When Dr. Muizzu Took Office

When the new government took office last November, the previous government had unpaid bills worth 7 billion MVR, Economic Minister Mohamed Saeed said.
He said this in a post on social media in response to some political leaders' claims that the government is not doing anything to increase state revenue.
In a post on X today, Saeed said the previous government officials should analyze the innovative efforts to increase the revenue of the state during the first two months of their government.
When President Dr. Mohammed Muizzu took over the government, there were outstanding bills worth about 7 billion MVR, which had a negative impact on Maldives businesses, he said.

Some opposition political leaders have criticized the government's policies, saying the government has announced only spending policies and is not doing anything to increase revenue.

Contrary to the oppositions claims, the President had already decided to expand the Velana International Airport development project to the level that was planned by the last administration, which will increase state revenue.

In addition, the President has set minimum investment limits in Special Economic Zones (SEZs) and opened up opportunities for investment in various sectors to increase foreign investment in Maldives.

As the first project of SEZ, an investor has expressed interest in implementing a major renewable energy project in Maldives. The President has also set up a special company to provide access to international financial services in Maldives.