Pres. says budget was proposed to “take from the rich, give to the poor”
The president noted that his administration has put an end to financing the deficit by borrowing
President Muizzu speaking at Sunday’s ‘Republic Day’ ceremony
President Dr. Mohamed Muizzu has claimed that the state budget for 2025 was proposed under a revolutionary system designed to redistribute wealth taken from the richest, and given to the poorest, in a bid to create a more equitable future for the Maldives, in a bold move to implement economic justice.
The president said this while speaking at the official ceremony held at Dharubaaruge on Sunday to commemorate this year’s Republic Day.
Taking the podium at the event, Muizzu said that the state budget proposed for the upcoming year was structured in line with the advice of international financial institutions, including important reforms related to the subsidy system, Aasandha system, pension system, and SOEs.
He assured that the budget would deliver even greater support to the poorest and those most in need, surpassing current levels of assistance.
Shedding light on the efforts towards economic self-sufficiency of Maldivians, the president noted that money has not been printed to solve economic issues and that notes will not be printed in the future either.
The president noted that his administration has put an end to financing the deficit by borrowing.
He went on to note that over the course of the past year, efforts have been made to recover money owed to the government, and with the help of the amount recovered, the government's debt has also been reduced.
Muizzu also revealed that all bills under five million from those who had not been paid after having people work have been paid. He said that the government's aim is to strengthen the economy while making people wealthy.
He noted that work is being done to diversify the economy and modernize the financial system, such as introducing bunkering services, establishing an International Financial Services Authority, and starting work on introducing digital currency.
In addition to this, Muizzu said that free trade agreements have been established with China and Turkey, and work is underway to reach such agreements with India and the United Kingdom as well.
Muizzu said that with the completion of the Velana International Airport terminal next year, it will be the biggest gateway to expand tourism in the Maldives.
While Muizzu has praised the 2025 budget, details of development projects in the Maldives have not been disclosed in said budget.
Many budget analysts are saying that the budget has been proposed in a way that will drastically increase debt and that the amount of money for services that should be provided to the people has been reduced.
Further, former Minister of Finance Ibrahim Ameer has also noted that the proposed state budget for next year has increased government indulgence by MVR 3.8 billion.
The former minister also stressed that although the incumbent administration has described the budget as a housing budget, the amount included for housing projects in the budget is lower than in the past three years.
