President Dr. Mohamed Muizzu has stated that the government drafts and ratifies bills after thorough technical research to ensure maximum benefit for the citizens. Speaking after ratifying seven bills passed by the Parliament, the President noted that the amendments to the Foreign Exchange Act would lead to a reduction in the dollar rate within the black market. He further emphasized that the requirement for banks to exchange dollars does not necessitate any reduction in the dollar-denominated salaries of employees.
Additionally, the President highlighted that changes to tax laws would foster a more competitive environment for Maldivian companies and restore the enforcement powers of MIRA. He also noted that the legislation concerning uninhabited islands and fisheries would diversify the economy and guarantee the protection of the nation’s waters. Furthermore, the President remarked that the Land Transport Act would provide solutions to traffic issues. He concluded by stating that the primary objective of these legislative reforms is to establish a modern legal framework necessary to transform the Maldives into a developed nation by 2040, while ensuring justice and the protection of citizens’ rights without bias.
