Some media outlets have begun reporting that President Dr. Mohamed Muizzu has instructed the Ministry of Finance and Planning to make advance payments for the Ras Malé project using state reserves.

RaajjeMV reached out to Chief Spokesperson at the President’s Office, Heena Waleed, for comment on the matter, but received no response.

According to reports from some media outlets, a letter sent by the President's Office to Finance Minister Moosa Zameer on July 1 stated that President Muizzu had instructed to use either the state's usable reserves or the currency swap facility arranged with India to pay the advance for the Fushidhiggaru project.

In addition to this, the letter to the Ministry of Finance and Planning reportedly instructed that once loans from various government companies are received, those funds should be deposited back into the usable reserves.

"Adhadhu" newspaper has since reported that they had confirmed the authenticity of the letter from the President's Office.

President Muizzu had previously stated that the Ras Malé reclamation project would be carried out by Mid Free Zone Company, formed by five government-owned companies. The Ras Malé project, which began on 18 December 2023, with claims of completion within eight months without using any state budget funds, is still only 80 percent complete.

The government had previously stated that the Ras Malé project would not be funded by the state, asserting that all land reclamation costs would be covered by Capital Marine and Construction Company (CMCC).