Maldives finance ministry will publicize the country’s financial status on as weekly basis, says President Ibrahim Mohamed Solih.

The incumbent president made the announcement while addressing the people of Dhiffushi Island on Saturday, having traveled there to initiate the water and sewerage services in the island.

Noting that he has learnt details about the country’s financial status since assuming office on November 17, President Solih emphasized that there is lot of work to be done to overcome the current state.

Further reiterating his administration’s commitment to “working close to the people and being transparent in [its] ventures,” President Solih announced that the finance ministry will publicize the financial status on a weekly basis “starting next week”.

Noting that he was unclear on the number of islands leased or sold by the former administration when he assumed office, Solih added that the tourism ministry has since publicized these details.

In his first presidential address after being sworn-in, President Solih stated that Maldives was "in a precarious financial situation" and appealed for help from foreign countries and international organisations to stabilise the economy.

According to the state budget proposed earlier this month, Maldives’ total debt is to reach 48 billion by the end of 2018, five billion more than end of last year.