The discontinuation of issuing new banknotes into circulation was the most critical measure taken by the incumbent administration, to revive the economy of Maldives, says President Dr. Mohamed Muizzu.

He said this while speaking to residents of Hithadhoo and Feydhoo districts of southernmost Addu City, as part of his tour of some islands in the south of Maldives which he began on Sunday morning.

Stressing that the decision to cease issuing new banknotes into circulation was challenging, Muizzu noted that had he refrained from making the decision, there would be the risk of aggravating the current financial position of the Maldives.

Highlighting the administration had inherited MVR 120 billion in debt, the president said that the volume of new banknotes introduced into circulation in the past five years alone surpassed the volume of the preceding 40 years.

Further, he stated that MVR eight billion had been issued into circulation in banknotes, within the past five years.

The president expressed happiness that international financial institutions have recognized the incumbent administration’s decision to discontinue issuing new banknotes into circulation coupled with other strategic measures as bold and courageous, especially in light of the economic challenges facing Maldives.

Muizzu stated that the projects initiated under his administration would benefit the people directly, even those financed through loans, such as the bridge development project connecting Hulhumeedhoo and Hithadhoo districts of Addu City.

The Maldivian leader said that procurement and logistical operations associated with the project would be outsourced to local entities, which would ensure residents of Addu City reap benefits.

Shedding light on his meeting with the city’s council, Muizzu stated that he has envisioned plans to cater for their needs.

Highlighting the looming economic crisis, President Muizzu urged the council to reprioritize the projects in consideration of their most pressing development needs.

The president is accompanied on the tour by a high-level delegation of government officials.