President Dr. Mohamed Muizzu unveiled a series of initiatives following a recent Cabinet meeting, focusing on key areas such as establishing a development bank, improving online payment systems, and addressing housing and infrastructure challenges.
Utilizing his constitutional powers, the President introduced the “Maldives International Financial Services Authority” to draft regulations for issuing Onshore Banking Operating Licenses. Additionally, a bill is in progress to facilitate the establishment of International Financial Centres in the Maldives.
In response to a proposal from the Ministry of Economic Development and Trade, the President directed the Bank of Maldives (BML) to implement e-wallet services within a week. This move is part of a broader strategy to integrate with global e-commerce platforms, enhancing the nation’s digital economy capabilities. Simultaneously, a new bill focusing on cybersecurity is in development, with plans to collaborate with the UAE and Türkiye to bolster cybersecurity infrastructure.
To tackle housing and infrastructure challenges, the President called for comprehensive discussions at the Economic Council to explore banking sector solutions. The aim is to facilitate housing and infrastructure development, including public low-interest loan schemes. Subsequent dialogues with the Development Bank and other financial institutions are scheduled to integrate these loan schemes into the government’s housing plans. Further details on the terms of these loan schemes are anticipated in upcoming Cabinet sessions, aligning with the Administration’s “Hafuthaa 14” roadmap.
