President Dr. Mohamed Muizzu has announced that the government will pay MVR 2.3 billion to private businesses and award multiple development projects to private construction companies within the next 10 days.
Speaking at a public gathering in Laamu atoll Gan on Tuesday evening, the President said the payments are part of his administration’s effort to settle unpaid bills inherited from the previous government. He emphasized that the move would inject wealth into the local economy, particularly benefiting small and medium-sized enterprises (SMEs).
“This amounts to approximately MVR 2,300 million, and MVR 2.3 billion will be distributed to the Maldivian people within the next 10 days,” Muizzu said. “Many Maldivians will become wealthy if they are paid for the work they’ve done.”
The President also announced that government projects, including schools, health centres, sports facilities, and mosques, will be handed over to private companies during this period. He said the construction sector, which he described as having “fallen into a pit” due to previous policies, would be revitalized through this shift.
“The construction industry is the second or third largest in the country. We want to take it to second, or even higher,” he said.
WAMCO is awarded contracts to develop health facilities in three islands on September 21, 2025. (Photo/Health Ministry)
The announcement comes amid public scrutiny over the source of the funds, following a currency transaction between the Pension Office and the Maldives Monetary Authority (MMA). The transaction involved the sale of a government bond in the secondary market, which some opposition figures have equated to printing money.
However, President Muizzu has repeatedly denied these claims, stating that his administration is committed to avoiding monetary expansion. “We are doing what we must to pay the money owed to companies, without printing money,” he said earlier this week in Fonadhoo.
The government has not officially disclosed the details of the bond transaction, but Finance Ministry sources told local media that the proceeds would be used to clear outstanding payments.
The President’s remarks also come amid criticism that many development projects are being awarded to state-owned enterprises (SOEs) instead of private firms. Some SOEs have been accused of operating beyond their original mandates. Muizzu’s latest comments appear to signal a policy shift toward greater private sector involvement.
Despite a capital expenditure budget of MVR 12.6 billion, only MVR 3.5 billion has been utilized so far, according to the latest government statistics.