President hints at impending economic downturn

President Mohammed Muizzu has indicated that the next two to three months could be economically difficult.

The President, who is on a visit to Thaa atoll, spoke to the people of Guraidhoo and said that it was imperative to properly plan and carry out development projects.

The President said that income generation efforts need to be intensified and this is a sensitive time.

"If we work this way [strategically] in the future, from the second quarter to the third quarter, or in May, June or July. At least by the end of July, things will start picking up," he said.

The President said the situation of state owned companies should also be stabilized. He is working to bring about sustainable development, he said.

The President said he had inherited a huge debt from the previous government but has already begun work to climb out of the ditch and work to benefit the people and the economy.

"What we have decided to do to improve our inherited economic situation must be carried out accordingly. We will arrange the projects we have to start in consultation with the people," he said.

He said he wanted to start all the projects at once too, the way the people wished for. However, the current economic situation has forced the projects to be prioritized and implemented strategically, he said.

“Therefore, we have to accept the economic situation and adjust these issues as we move forward,” he said.

In his Presidential address at the opening of the Parliament for the year on Monday, President Muizzu said the government's vision and hope for the development and future of Maldives can only be realized if the country gets out of the financial abyss.