The Special Cabinet Committee, established by President Dr Mohamed Muizzu in response to escalating tensions in the Middle East, has confirmed that work has commenced to establish a national fuel reserve, with Middle East tensions under close observation.
The Committee provided these updates during its weekly press briefing held at the President's Office today.
Moosa Zameer, Minister of Finance and Public Enterprises and Chair of the Committee, stated that locations for the development of fuel storage facilities have been identified through joint efforts with the Ministry of Economic Development, Transport and Trade and the State Trading Organisation (STO). He stressed the importance of selecting locations with strong connectivity to transport networks, favourable weather conditions, and the capacity for alongside berthing of large vessels.
The Minister disclosed that, under the first phase of this three-phase project, work is underway to assess the lagoons of two islands near Malé, further stating that feasibility studies relating to the design and financing of the facility are already underway, with surveys scheduled to commence next week. The Minister stated that the aim is to complete the studies within the next two weeks and submit a detailed report to the President. He also welcomed the constructive criticism received on the project, and expressed confidence that the studies would address relevant concerns.
Acknowledging public concerns over potential fuel shortages amid Middle East tensions, the Committee reiterated that there is currently no risk to the country's fuel supply. It added that, despite fluctuations in global fuel prices, prices have remained stable, and there are no concerns regarding the availability of other essential commodities and medical supplies.
In light of potential challenges should tensions escalate and necessitate emergency measures, Minister of Foreign Affairs Iruthisham Adam assured that work is being carried out daily, in line with the Government's foreign policy. She provided detailed updates on ongoing diplomatic efforts, including bilateral and multilateral engagements with other nations and institutions, as well as daily monitoring of the situation and information-sharing with relevant authorities.
Noting the Maldives' proactive role among Islamic nations and bilateral partners, the Foreign Minister emphasised that the promotion of national interests remains the top priority across all international platforms. She affirmed that the Maldives continues to advocate for peace and the upholding of its Constitutional rights in relevant debates and resolutions, while also promoting the interests of the vulnerable Small Island Developing States (SIDS). Minister Iruthisham also stated that efforts are being directed towards preventing a default.
The Special Cabinet Committee's press briefing concluded with a reiteration of the importance the President places on resolving issues within legal frameworks and ensuring that no one is subjected to injustice.