President Dr. Mohamed Muizzu has indicated that the launching of development projects might be postponed due to the financial situation caused by increasing debt.
Muizzu, who is currently on a tour of Thaa atoll, made a stop in Dhiyamigili island and spoke about the concerns and challenges due to the current financial situation in the country.
"There are difficulties in carrying out PSIP projects or development projects while we are trying to manage debt. I want to carry out more development projects. But this is why we cannot start all the stalled projects and launch new projects in all the islands at once," he said.
Muizzu said he cannot tell the people that he will fulfill everyone's requests, but he wants to make statements that he can stand by in the future. He said that is the reason why he needs to explain the country's situation.
"The economy we inherited is in a bad state. We need to take measures because of the level of debt. We have started a lot of hard work to fix this. Both the IMF and the World Bank accept the economic manifesto I presented during my campaign," he said.
The President said he had met with officials from the World Bank and the IMF and they agreed that the solution to improve the country's economy was to implement the government's policies. The two agencies will cooperate in this regard, he said.
Muizzu further said that the people also want to know the truth and must accept it, he said.
"I assure you that all these works and all development projects that t I have envisioned will be carried out. We will tell you what can be done and what will be done. Some things might take longer. We will be honest and true to our word," he said.
The President's remarks come at a time when people have been complaining about stalled projects in the atolls. Although projects in the islands have stopped, mega projects have been launched in the Male' area.
