President Dr Mohamed Muizzu has made a historic announcement that atleast USD 400 will be deposited to the bank accounts of citizens each year, as part of the government’s effort to ensure that every Maldivian reaps the benefits of the country’s world-renowned tourism sector.
The President noted that yet, no administration has been able to find a mechanism to ensure that citizens are able to benefit directly from the tourism sector, over the span of 54 years. He acknowledged that while the tourism industry benefits from Maldives’ unprecedented natural resources, the true ownership of these resources belong to the citizens of the country, signalling that each citizen should be able to benefit from the revenue generated from the sector.
"This is an industry that extensively utilises our natural assets, such as the Maldives' pristine beaches, coral reefs, and oceans, often resulting in irreversible changes to these environments. Therefore, I believe it is most just to establish a systematic mechanism that ensures a direct income for the Maldivian people, who are the true owners of these natural assets," stated President Dr. Mohamed Muizzu.
Under this project, the government aims to develop 10 resorts through a state-owned enterprise within the next three years. The President further noted that a specific law would be enacted to ensure every Maldivian citizen, by virtue of their national identity, becomes a shareholder in these resorts. Furthermore, he pledged that a portion of the revenue generated from these resorts would be deposited annually in foreign currency directly into the bank accounts of every citizen, ensuring that no one is left behind.
The President also revealed that the government estimates that from 2030 onwards, every citizen’s account will be credited with their share of the revenue. As per calculations, atleast USD 400 will be deposited to each citizens account, he said.
The President also highlighted that this is the first time in the history of Maldives that the citizens will be able to directly benefit from the tourism sector. And that this decision forms a broader part of the government’s comprehensive vision for the entirety of the nation to benefit from the tourism sector.