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Pres. promises another ‘housing-centric’ budget for 2026 despite no results to show this year

President Dr. Mohamed Muizzu arrives at AA. Bodufolhudhoo on August 20, 2025. (Photo/President's Office)

President Dr. Mohamed Muizzu has announced that next year’s budget will be focused on housing while nothing major has been achieved from this year’s budget, which was also described as “housing-centric”.

MVR 3 billion has been allocated for housing in this year’s state budget, the highest-ever allocation for housing to date. Projects stipulated in the budget included the issuance of up to MVR 2 billion in home construction loans at 5 percent interest rate.

Back then, President Muizzu had described this year’s budget as “housing-centric”.

However, there has been no significant achievements in terms of housing this year despite the high budget allocations.

President Dr. Mohamed Muizzu arrives at AA. Bodufolhudhoo on August 20, 2025. (Photo/President's Office)

Meanwhile, President Muizzu, while speaking to residents of Bodufolhudhoo on Wednesday as part of his ongoing tour of Alifu Atoll Atoll, said funding will be allocated in the 2026 state budget for the development of 50 housing units on the island, with construction set to begin within the same year.

He added that housing will be priority in next year’s budget as well.

“The biggest priority in next year’s budget will also be regarded to resolving the housing crisis. That is what I have decided. It is the policy that have been announced earlier as well,” he said.

Notably, the President has committed to ensuring that every individual over the age of 18 living in the Malé area will have access to housing by the end of his current term. He has consistently reiterated that no one in the Maldives will be left without housing by the time his term concludes.

In this regard, the incumbent administration has decided to issue housing units from Hulhumale’, Vilimale’ Gulhifalhu, Giraavarufalhu and Uthuru Thilafalhu.

The administration’s largest housing initiative is the Rasmale’ project, which involves the ongoing land reclamation of Fushidhiggaru Falhu.

President Dr. Mohamed Muizzu arrives at AA. Bodufolhudhoo on August 20, 2025. (Photo/President's Office)

Opposition MDP lawmakers who visited the reclamation site on Sunday said the project is unlikely to reach completion at the current pace even within two terms of the incumbent administration.

In response, pro-government activists visited the site on Monday, even sharing videos on social media to showcase the progress of the project.

In this regard, Mariyam Malsha, who holds a senior post in Housing Development Corporation (HDC), the company undertaking the project’s engineering-related works, said 129 hectares out of 1,009 hectares of land have been reclaimed so far. According to Malsha, this accounts for the size of Hulhumale’ Phase I.

In contrast to MDP lawmakers, the pro-government activists who visited the scene reported that the project was progressing at a fast pace. They have described the current progress of the project as a huge feat, adding that reclamation is proceeding without any delays.

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