Pres: Have steered the economy designed to go bankrupt to correct direction

President Dr. Mohamed Muizzu has lauded his administration for steering Maldivian economy, designed to go bankrupt, in the correct direction.

The President made the remark while speaking at a ceremony on Thursday to award 206 government projects to private companies.

In his address, the President said Maldivian economy had been designed to go bankrupt when he had first assumed office. He added that, thanks to the efforts of many, the economy has since been stabilized.

“An economy that was in trenches and designed to default at the time we assumed office has now been stabilized through the efforts of many people. Today’s signing is a result of the work carried out by everyone within the government,” he said.

President Muizzu underscored that the projects signed today cannot be implemented if the economy lacked strength. He also said signing would not have taken place if the government lacked trust from the private sector.

He added that the private sector, specifically construction companies, will be revived with the projects assigned today.

The President, citing the need to follow due process, laws and regulations when doing things, said his administration awarded these projects in accordance with the due process, laws and regulations.

He also assured that there will be no delays in disbursing payments to contractors.

The President affirmed that the government will fully cooperate with these companies to ensure the completion of the projects.

The 206 projects were awarded to 53 private companies on a contractor financing basis. The people-centered development initiatives cover nine key sectors including heath, education and sports.