The national reserve of the government was at USD 827 million by the end of 2022, stated President Ibrahim Mohamed Solih.

President Solih made the statement during his fifth presidential address, delivered during the inaugural sitting of the People’s Majlis on Monday.

During his address, President Solih noted that the Maldivian economy was initially expected to see a growth of 7.6 percent in 2022 by the World Bank, which was later increased to 12.4 percent by the end of the year.

He added that based on World Bank projections, the Maldivian economy will grow by 8.2 percent this year.

President Solih went on to highlight that the Covid-19 pandemic and the Russia-Ukraine war had a profound impact on the Maldivian economy. He stated that the administration took necessary measures to overcome these challenges, and remains vigilant for challenges ahead.

As such, noting that changes were brought to the fiscal policies of the government to sustain the economy, the President stated that these measures have reduced the economic downturn that could occur in the future.

President Solih went on to say that January 2023 was the month in which the government received the most revenue in a single month in the history of the Maldives. Noting that the state generated MVR 3.5 billion as revenue in January, this had given the administration hope that the country would suffer no more in the future.

Noting that the national reserve was at MVR 827 million by the end of 2022, President Solih stated that this has given hope that the state reserve will be maintained at a safe level.