President Dr. Mohamed Muizzu has said that land in the Rasmale project will be given to foreign investors on lease only, and that ownership of the land will not be granted to any foreign party.

Speaking on tonight’s episode of the “Nation Chat” podcast, the President said that 60 to 70 percent of the land reclamation work for Rasmale has now been completed. He added that the government will not provide any sovereign guarantee, tax concession or import duty relief for the project, and that the plots already given to citizens will not be adversely affected in any way.

Speaking on the foreign currency shortage, the President said work is progressing rapidly on signing a USD 100 million currency swap agreement between the Maldives and the central bank of Malaysia.

The President noted that although the Maldives’ reserves rose to USD 1.2 billion in February this year, they were affected by the war in the Middle East, changes in oil prices and sukuk repayments. However, he assured that the economic situation will improve significantly within the next six months.