President Dr. Mohamed Muizzu's vision and leadership for national development is closely linked to the mission of the national bank, its CEO Mohamed Shareef said on Saturday.

He was speaking at the groundbreaking ceremony of the seven-storey Sanabil building of the Islamic University of Maldives (IUM) in Hulhumale' with an investment of MVR 60 million by the Bank of Maldives (BML).

“BML will participate and assist in major projects implemented to achieve the key goals of the government such as sustainable economic growth and prosperity, social health and building an educated generation,” Shareef said.

"That's why we're honored to be involved in this project."

Shareef said the IUM building is a testament to BML’s sustained support for Islamic, financial services, education and socio-economic development of the country.

He assured that BML will participate in some government projects and provide assistance to the government.

Meanwhile, Construction Minister Dr. Abdulla Muththalib said on Friday that the government is unable to cover recurrent expenditure with its revenue.

Since taking office in November 2023, the government has tried to raise money from foreign countries and financial institutions without much success.

This has caused challenges in carrying out development projects and manage the budget. There is also concern over the slow speed of projects.