President Dr Mohamed Muizzu has stated that the Government has, since November last year, settled MVR 3.3 billion in pending bills owed by ministries and State-owned companies to contractors.

The remarks were made during a press briefing held at the President’s Office on Monday.

Between 1 November 2025 and 26 April 2026, a total of MVR 3.3 billion has been paid to local vendors for completed works, with an average of around 700 vendors receiving payments each week. The President stated that an additional MVR 260 million is expected to be disbursed to local companies before the end of this month.

President Dr Muizzu also noted that USD 924 million in debt had been repaid within a span of 21 days. This includes a USD 524 million sukuk repayment made earlier this month, as well as a USD 400 million payment under the India currency swap arrangement on 23 April.

He emphasised that the repayments were made without selling State assets, burdening citizens, or risking default.

The President further stated that the Government has taken steps to resolve issues linked to loans secured by previous administrations, including safeguarding pledged assets.

Highlighting ongoing economic efforts, President Dr Muizzu said both external and domestic debt obligations continue to be met, while payments are also being made to individuals and businesses for work carried out under Government projects.