President Dr. Mohamed Muizzu has assured that the Maldives’ official foreign currency reserves will be further strengthened within the next six months. Speaking on PSM’s “Nation Chat” podcast, the President said his government has raised reserves to the highest level in the country’s history.

The President noted that reserves reached $1.2 billion at the end of February this year and climbed to a record $1.3 billion by the end of March. However, he said reserves declined afterwards due to soaring oil and commodity prices driven by the war in the Middle East, and a one-time payment of approximately $520 million for the sukuk.

The President said the economy was in a critical state when his government took office, and that it had avoided the risk of bankruptcy by repaying debts on time without disrupting essential public services. He also highlighted that the Sovereign Development Fund (SDF), which held only around $2 million when he assumed office, has now grown to more than $300 million.

According to the President, the government’s aim is to ease the debt burden, maintain investor confidence, and reduce the cost of living. He expressed confidence that further growth in the reserves and the SDF will bring economic benefits to the public.