President Says Legislation Is Being Drafted to Protect National Development Plan

President Dr Mohamed Muizzu says the government is drafting legislation to protect its National Development Master Plan, which is intended to guide the Maldives towards 2040 and keep major projects on course across changes in administration.

Speaking on Public Service Media’s Nation Chat on 25 September, the President said development priorities have shifted when successive governments discontinued projects begun by their predecessors. He said a legally protected plan would provide a clearer path for long-term development and help prevent costly setbacks. The plan itself is still being formulated.

The President also discussed economic pressures during the programme. He said work on a proposed USD 100 million currency swap agreement with the Central Bank of Malaysia was progressing rapidly. According to the President, the Maldives’ foreign exchange reserves reached USD 1.2 billion in February before being affected by developments in the Middle East, oil price fluctuations and Sukuk repayments. He expressed confidence that economic conditions would improve over the next six months.

On the Rasmalé project, the President said approximately 60 to 70 percent of land reclamation had been completed. He said land would be leased to foreign investors without transferring ownership, and that the government would provide no sovereign guarantees, tax concessions or import duty exemptions for the project. He also said plots already allocated to the public would not be affected.

The President said the long-term plan reflects the Maldives’ ambition to become a developed, more self-reliant nation by 2040. He also addressed housing and employment challenges during the approximately hour-long episode.