Govt won't print money to fund projects, insists pres
The President said the most important economic agenda of this government is to stop printing money.
By
Fathmath Ahmed Shareef
The government will implement projects and stabilise the economy without printing money, President Mohammed Muizzu said on Tuesday evening.
During a campaign rally held in the bustling Hiyaa area of Hulhumale Phase II on Tuesday evening, the President said his government will not act as the former did in the last five years. For the past five years, things have been done by printing money, he said.
The President said:
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The last government printed MVR 8 billion in five years alone
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Before that, a total of MVR 50 million had been printed in 40 years
The President said the most important economic agenda of this government is to stop printing money.
"It will be stopped as promised. Then if anyone can’t digest this, so be it. It has been done. It has been backed by the International Monetary Fund and the World Bank has noted it. We will run this country without printing money," he said.
Muizzu added:
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The Sovereign Development Fund, which is kept in dollars to pay off foreign debt, had only USD 2 million when he took over
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The government has deposited USD 35 million into the fund without printing money, while continuing developmental projects
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At this rate, the fund will have USD 100 million to repay external loans by the end of this year
