Maldives economy will self-sustain during these 5 years: Pres

President Dr. Mohamed Muizzu has promised Maldives economy will become self-sustaining during his five-year presidential term.

During the exclusive interview to 'Sun' at Muliaage, President Muizzu affirmed taking steps to reform the economy from the first day since he assumed office.

The government's decision to stop printing more money is a major step towards this economic reform, the president said.

"The best direction for us towards economic reform would by stopping that [printing money], the pressure on our team to print money over the requests and advice from several stakeholders made it a difficult decision," President Muizzu commented.

He added the government was now working to restart paused projects and expedite them, which includes the Velana International Airport's expansion project along with opening new investment avenues for tourist resort and urban development.

He also pledged to establish special economic zones and an authority overseeing the development of international finance centers across the country.

While highlighting the recent introduction of e-wallet services, the president said it would open opportunities for small and medium enterprises.

"This is the start of improving the payment gateway system. With legal prerequisites already underway, I am confident we can introduce PayPal services within this year as well," he added.

The president also stressed works to establish international bunkering services have already commenced.

"As a result the expense to purchase fuel in the Maldives would greatly reduce in the future."

He claimed the initiatives were launched with the aim of empowering the Maldives economy as a self-sustaining one.