News Desk
MALÉ, Maldives — In a landmark address, President Dr. Mohammed Muizzu announced a $2.5 billion commitment to tackle the Maldives’ pressing housing shortage, introducing what he termed the country’s first “Housing Budget.”
Speaking at the Maldives National University’s graduation ceremony, President Muizzu detailed his administration’s plan to prioritize affordable housing, dedicating MVR 1.5 billion to new construction and MVR 1 billion to a low-interest loan program aimed at helping families build, complete, or repair homes.
“Housing is the most important thing for all of you,” President Muizzu told the graduates, acknowledging the high rents and limited housing that many young people and families face, particularly in the capital city, Malé. The loan scheme, set to launch in early November, will offer loans at an interest rate capped at 5%, significantly below market rates and a step the president hopes will relieve some of the economic strain on Maldivian households.
President Muizzu’s “Housing Budget” marks a shift in government focus, with the goal of providing stable housing for young graduates and new families, who often live in shared and overcrowded spaces. The initiative seeks to transform Malé’s housing landscape by addressing both construction needs and financing challenges, paving the way for greater economic security.
The president framed this housing focus as a cornerstone of his administration’s broader economic reform agenda. By targeting housing and infrastructure, he underscored the link between quality of life and national progress, presenting the budget as a foundation for sustainable development in the Maldives.
