Sunday 21st Apr 2024
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President Dr.Muizzu

9 Billion in Debt to the People When He Took Office: President

When he took over the government, various government agencies and companies had a debt of 9 billion MVR to the public and Maldivian businesses, President Dr. Mohamed Muizzu said.
The previous government was the most indebted government in Maldives so far, and in addition to the debt owed to foreign countries, the government inherited a huge debt owed to various parties when he took office, he said. The previous government had placed the country's domestic debt of 9 billion MVR, and 120 billion MVR owed to various foreign entities, on the people's heads, he said.
There were pending bills of 9 billion MVR that the previous government did not pay to the people when the current government took over.
President Dr. Muizzu
The country's economy has been plunged into a huge abyss by the previous government, he said, adding that the biggest damage has been caused by the printing of money. The previous government has printed more money than in the past 40 years and the value of the Maldivian currency has depreciated, he said.