President Ibrahim Mohamed Solih says his administration has stopped taking on new projects amid the financial uncertainty looming over the country.
Meeting the media for the first time since last August, President Solih said that the government would be continuing work on all ongoing projects across the country.
He said that the government is taking vital economical measures and that it is not inclined to take on new projects backed by loans.
Speaking more on the financial strain caused by mounting debt, President Solih conceded that while the state debt has now risen to MVR 100 billion, the government has no difficulties in meeting its debt obligations.
Solih said that many reports about the economic situation are far-fetched and that this had made the public worried. Solih added that the people behind these reports have political motives.
Additionally, President Solih assured that the country's useable reserve was secure and that the government had no difficulties in obtaining essential food items, oil, and medicine.
He added the government can spend comfortably this year.
