President Mohamed Muizzu has decided to implement a multifaceted economic policy to reduce costs, boost revenue, and outline a medium-term revenue strategy, as per a statement released by the President’s Office. This decision follows in-depth deliberations on a proposal the Ministry of Finance presented during the most recent Cabinet meeting.

In conjunction with this policy directive, President Muizzu appointed a Cabinet subcommittee to supervise and drive initiatives focused on diversifying the Maldivian economy and exploring avenues for revenue growth, according to the President’s Office.

Furthermore, President Muizzu, with the recommendations of the Cabinet, has decided to implement the “Malé Fahi Programme.” This programme aims to effectively tackle traffic congestion in the greater Malé region. The decision was made following discussions on a proposal submitted by the Ministry of Transport and Civil Aviation. The president has also directed the formulation of an action plan with shared timelines among relevant institutions executing the ”Malé Fahi Programme,” the President’s Office statement reads.

At the Cabinet meeting on Monday, President Muizzu also decided to submit the text of the Samoa Agreement with the Organisation of African, Caribbean and Pacific States (OACPS) to the Parliament for approval. This decision, reached during the cabinet meeting, is based on discussions on a document submitted by the Ministry of Foreign Affairs.

The Samoa Agreement focuses on six pivotal priority areas to address key challenges over the forthcoming two decades. These areas encompass human rights, democracy, and governance; peace and security; human and social development; inclusive, sustainable economic growth and development; environmental sustainability and climate change; and migration and mobility.

By endorsing this agreement and becoming a full member of the OACPS, the Maldives stands to benefit from enhanced access to opportunities provided by the European Union across various sectors, facilitating smoother international trade for Maldivian fisheries products and potentially securing improved prices, the President’s Office said.