Muizzu Orders Advance Payment for Rasmalé Reclamation from State Reserves or Indian Swap Facility

President Mohamed Muizzu has directed the Finance Ministry to make an advance payment for stalled reclamation work at Fushidhiggaru Lagoon under the Rasmalé project, using either the Maldives' usable reserves or the Indian currency swap facility. The instruction was conveyed in a letter from the President's Office to Finance Minister Moosa Zameer on 1 July. The letter, signed by Principal Secretary Mohamed Shahid, stressed urgency. Usable reserves stood at US$217.9 million as of end-May. The government also asked state-owned companies to deposit loan proceeds into reserves. Reclamation started on 18 December 2023 but progress is slow. The Rasmalé project spans 12 sites, with several contractors including Mohan Mutha Exports and China Railway Construction Corporation.

President Mohamed Muizzu has directed the Finance Ministry to make an advance payment for stalled reclamation work at Fushidhiggaru Lagoon under the Rasmalé project, using either the Maldives' usable reserves or the Indian currency swap facility. The instruction was conveyed in a letter from the President's Office to Finance Minister Moosa Zameer on 1 July. The letter, signed by Principal Secretary Mohamed Shahid, stressed urgency. Usable reserves stood at US$217.9 million as of end-May. The government also asked state-owned companies to deposit loan proceeds into reserves. Reclamation started on 18 December 2023 but progress is slow. The Rasmalé project spans 12 sites, with several contractors including Mohan Mutha Exports and China Railway Construction Corporation.

President Mohamed Muizzu has directed the Finance Ministry to make an advance payment for stalled reclamation work at Fushidhiggaru Lagoon under the Rasmalé project, using either the Maldives' usable reserves or the Indian currency swap facility. The instruction was conveyed in a letter from the President's Office to Finance Minister Moosa Zameer on 1 July. The letter, signed by Principal Secretary Mohamed Shahid, stressed urgency. Usable reserves stood at US$217.9 million as of end-May. The government also asked state-owned companies to deposit loan proceeds into reserves. Reclamation started on 18 December 2023 but progress is slow. The Rasmalé project spans 12 sites, with several contractors including Mohan Mutha Exports and China Railway Construction Corporation.

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