President Dr Mohamed Muizzu has revealed that his administration has so far repaid a total of USD 1.3 billion in debts taken by previous governments through various arrangements.
The President made the remarks while speaking at a session held to conclude the Senate of the ruling People’s National Congress (PNC).
President Muizzu said the repayment of the debt was a major achievement in implementing the government’s policies aimed at protecting the country from the burden of debt and freeing valuable state assets from being pledged as collateral.
He also noted that the government had repaid a USD 50 million debt taken by previous administrations last Thursday.
Criticising calls by some parties to stop discussing debts accumulated by previous governments, President Muizzu questioned whether such calls were aimed at concealing the reality of the country’s debt situation.
According to the President, those calling for the issue to be avoided want the matter to be portrayed as though it did not exist and effectively swept aside.
President Muizzu further said previous governments had not only borrowed money but had also sold state assets and pledged government property as collateral.
Despite this, he said, the current administration has already fully repaid USD 532 million in sukuk.
