The archipelago nation’s economic outlook looks promising even though it faced a downturn recently due to global events, says President Ibrahim Mohamed Solih.

He said this while addressing the nation at the official Republic Day reception held at Dharubaaruge on Friday evening.

Taking the podium at the reception, President Solih credited the recovery from the economic downturn caused by the Covid-19 pandemic and the Russia-Ukraine war to the collaborative efforts of the government and the people.

However, the president stressed that the attempts by a few to use the opportunity to spread fear and indecision for political gain continues to overshadow the economic situation.

Shedding light on the proposed state budget for 2023, President Solih said that it focuses on stricter measures and assured the people that his administration will take the necessary steps to prevent any negative impacts on the economy and the people.

Further, he also emphasized on the achievements in the economic sector made over the past four years, adding that the administration had ensured a conducive environment for the growth of small and medium enterprises (SMEs).

The government also made several efforts to eliminate the difficulties in registering businesses and digitizing such processes.

The administration’s efforts to introduce a minimum wage and revise the salaries of education sector staff were also praised by the president, who reiterated that the wages of healthcare sector staff would be revised and announced soon.

President Solih went on to highlight the projects led by the incumbent administration spanning the past four years to increase socio-economic development of island communities across the archipelago.

These included projects to develop water and sewerage networks, easing difficulties faced by island communities due to a lack of good harbors as well as other essential requirements.

Shedding light on the “Binveriyaa” and “Gedhoruveriyaa” housing schemes launched this year, President Solih announced that the administration has received 35,861 applications so far and that authorities are currently in the evaluation process.

President Solih also mentioned that the administration is committed to building generations of productive youth, noting the success of the administration’s free degree program, revealing that the number of people enrolled in the program exceeds 15,547.

First Lady Fazna Ahmed, state and foreign dignitaries, and government officials attended Friday night’s reception.