President Dr Mohamed Muizzu has pledged that all outstanding bills owed to local businesses, inherited from the previous administration, will be settled within the next five weeks.

In a post shared on X on Thursday, the President said that when his Administration assumed office on 17 November 2023, the Government faced thousands of unpaid bills owed to businesses, both directly and through State-owned companies. He assured that, provided the payments comply with relevant rules, regulations, and policies, they will be cleared in the coming weeks.

The President described the move as a significant step in efforts to revive the economy, which he said was in a weakened position when his Administration took office.

Since taking office, the Government has worked to strengthen the economy and manage its debt burden. The Sovereign Development Fund (SDF), which is used for foreign debt repayments, has doubled under the current Administration.