The Maldivian economy is projected to grow by 6.4% this year, according to President Dr. Mohamed Muizzu, who delivered his Presidential Statement during the opening session of Parliament.
He highlighted the government's optimistic outlook for economic recovery and fiscal stability.
The President noted that the nation's official reserves stood at USD 673.2 million by the end of 2024, reflecting a 14% increase from USD 590.5 million recorded at the end of 2023. He projected that reserves would further rise to USD 705.1 million by the end of 2025, signaling confidence in the country's financial resilience.
Addressing the government's financial strategy, President Muizzu emphasized that efforts are underway to reduce borrowing and implement fiscal reforms to address the country’s financial challenges. He explained that the government is focused on cutting expenditures and increasing revenue to manage the deficit effectively.
The government aims to lower the budget deficit to MVR 9.4 billion in 2025 as part of ongoing efforts to foster economic stability and sustainable growth. The President's statement emphasized a commitment to responsible financial management and a forward-looking approach to economic development.
He highlighted the government's optimistic outlook for economic recovery and fiscal stability.
The President noted that the nation's official reserves stood at USD 673.2 million by the end of 2024, reflecting a 14% increase from USD 590.5 million recorded at the end of 2023. He projected that reserves would further rise to USD 705.1 million by the end of 2025, signaling confidence in the country's financial resilience.
Addressing the government's financial strategy, President Muizzu emphasized that efforts are underway to reduce borrowing and implement fiscal reforms to address the country’s financial challenges. He explained that the government is focused on cutting expenditures and increasing revenue to manage the deficit effectively.
The government aims to lower the budget deficit to MVR 9.4 billion in 2025 as part of ongoing efforts to foster economic stability and sustainable growth. The President's statement emphasized a commitment to responsible financial management and a forward-looking approach to economic development.
