President Dr. Mohamed Muizzu has blamed the former government after he failed to carry out development projects last year.
Speaking in Gaaf Dhaal Hoandhedhdhoo island, Muizzu said projects could not be carried out because of the budget approved for 2024.
He said the budget for this year was formulated with a priority on development projects and housing projects being on the top of the list.
Reiterating the promises he made to Hoandedhdhoo during the presidential election, Muizzu said he had not forgotten his promises.
"Because it was not a budget we passed... the former government deliberately made a budget that did not allow us to do anything. That is why nothing could be done as needed," he said.
Muizzu said that despite the budget constraints, the government ended last year without printing money and without allowing the state to go bankrupt.
He highlighted avoiding bankruptcy as a major achievement and said domestic and international loans were paid using last year's budget.
A budget of MVR 49.8 billion was approved for last year while an addition MVR 5.5 billion supplementary budget was also approved. The year ended with a deficit of MVR 15 billion.
The total budget for this year is MVR 56 billion. Revenue is expected to be MVR 41.2 billion this year.
