President says economic confidence driving private sector growth
President Muizzu assured that there would be no delay in payments to companies awarded contracts under the new projects.
President Mohamed Muizzu has said the Maldivian economy is moving in the right direction following measures taken by the government to stabilise it.
Speaking on Thursday at the ceremony held at Barcelo Nasandhura Malé Hotel to hand over 206 infrastructure development projects to private companies, the President said the economy, which was under pressure when he took office, has been brought back on track.
“We have reached this stage through the joint efforts of all in government and with the cooperation of many stakeholders to revive an economy that was on the brink of default,” President Muizzu said.
He added that such agreements with private companies would not be possible without confidence in the government and the economy.
“If there is no private sector confidence in the economy and the government, we cannot reach this point,” he said.
In addition to the 206 projects signed on Thursday, the President said a total of 216 projects have been awarded to 53 companies covering 123 islands.
“The result will be an expansion of the economy. The construction sector, in particular, will see growth,” he said.
President Muizzu assured that there would be no delay in payments to companies awarded contracts under the new projects.
“These projects are structured in a way that will not cause any constraints in payments or cash flow. There will be no delays in releasing funds,” he said.
The President noted that all agreements were awarded within the existing procedures, laws, and regulations, and highlighted the role of the private sector in implementing development projects.
“We aim to strengthen the private sector. When local companies receive such projects, benefits will flow across multiple industries. This will enhance overall economic activity and increase productivity,” he said.
