President Dr. Muizzu to Forgo 50% of Salary as First Step in Addressing Economic Challenges

News

President Dr. Mohamed Muizzu has unveiled a series of special measures as part of the economic reform agenda outlined in the proposed 2025 national budget.

In a significant move, the President announced on Wednesday evening that he will forgo 50 percent of his presidential salary, marking the first step in addressing the country's pressing economic challenges.

Sharing the announcement on his official X (formerly Twitter) account, President Muizzu introduced a set of temporary measures aimed at reducing public expenditure, which will be in effect for the next two years. These measures include:

• A 10 percent salary reduction for all politically appointed individuals.
• A 10 percent salary reduction for staff of state-owned enterprises (excluding banks), with a cap on the take-home salaries of heads of these enterprises, limited to MVR 90,000.
• A recommendation to relevant bodies to reduce the salaries of heads of independent institutions by 10 percent.
• A proposal to the heads of the Judiciary and Parliament to implement a 10 percent salary reduction for their top officials.

The President assured that those earning less than MVR 12,000 would be exempt from these salary cuts, protecting lower-income earners from the impact of the reforms.

President Muizzu's announcement is part of his administration's broader efforts to tackle the Maldives' economic challenges and promote responsible governance. These measures reflect his commitment to ensuring fiscal discipline while safeguarding the livelihoods of ordinary citizens. The reforms come as part of an ambitious program aimed at fostering economic stability and enhancing the efficiency of public institutions.