Pres. Muizzu: MVR 1B to be allocated in next year’s budget for new housing projects

President Dr. Mohamed Muizzu states MVR 1 billion will also be allocated in next year’s state budget for new housing projects.

The approved MVR 56.6 billion state budget for this year allocates MVR 3 billion for housing initiatives, alongside MVR 1 billion for housing-related loans and MVR 1.8 billion for new housing projects.

Prior to this, President Muizzu has described this year’s budget as focused on housing.

Speaking to residents of N. Maafaru on Monday as part of his ongoing tour Noonu Atoll, President Muizzu underscored the housing crisis faced in Maafaru as a nationwide issue.

While efforts continue this year to address the issue, the President highlighted that MVR 1 billion will be allocated in next year’s budget specifically for new housing projects.

“We are planning to launch a housing project on this island next year. As part of new policy initiatives, MVR 1 billion will be allocated for housing under new policy initiative in the 2026 budget, and this island will be among the locations where these housing projects will begin,” he said.

The President also spoke regarding additional developmental projects that will be implemented in Maafaru. He namely highlighted the development of a complete terminal at the island’s international airport and the development of a hotel where tourists can wait during transits.

“As this atoll has many resorts with the process to create new beds underway, there is huge potential. Alongside this, there are other facilities the island should have,” he noted.

He added that the development of the terminal and other work related to the airport will commence without much further delay.

An agreement to upgrade the Maafaru Health Centre was signed on Sunday. The President said the agreement would be revised to reflect the concerns and preferences expressed by the island’s residents.

During the President’s visit to Maafaru, he graced the ceremony where Home Minister Ali Ihusan inaugurated physical works on the development of a police station on the island.

The President departed on the four-day tour of Noonu Atoll this morning. He is accompanied by a high-level delegation from the government, including cabinet ministers. The President is scheduled to visit all residential islands in the atoll.