Newly sworn-in President Dr. Mohamed Muizzu says currently the state's debt is the biggest in the country's financial history.
He made these remarks this evening in his Inaugural Address after assuming office. The Inaugural Ceremony for the 8th President of the Maldives was held at the Republic Square.
In his address, President Muizzu noted that the state's total debt when he assumed office was MVR 119 billion, the biggest in the Maldives' financial history.
Noting that the Maldives remains strong enough to overcome the economic fallout, he disclosed that his government would take swift steps to deal with the situation.
He highlighted completing the Velana International Airport project, the expeditious opening of a new modern terminal, generating more tourism revenue, and developing methods to reduce costs.
The President declared that his administration will highly prioritize the tourism industry, which he said is one of the strongest pillars of the nation's economy. He emphasized that the government would develop new approaches to managing and furthering the tourism industry.
He additionally noted that his administration would make living conditions easier, including housing accommodations for workers in the tourism industry.
