President Muizzu Announces Oil Reserve and Reforms to Counter Conflict Impact

President Dr Mohamed Muizzu has unveiled a multi-pronged strategy to shield the Maldives from the economic fallout of the ongoing Middle East conflict, while announcing a suite of domestic legal and social reforms. Speaking at a press conference on March 23, he emphasized energy security as a top priority and detailed plans for a national strategic oil reserve. 'The establishment of this oil reserve is very important. It is like the Sovereign Development Fund, but it will be in the form of an oil reserve,' President Muizzu said, describing it as a safeguard to ensure uninterrupted fuel supply amid global oil market volatility. The reserve will be developed in three phases across different regions over the next two years. On essential goods, the President assured no shortages, with adequate stocks of rice, flour, and sugar maintained and prices remaining stable. To bolster long-term food security, he promised special incentives to encourage private sector investment in local food production. Domestic reforms include changes to housing inheritance rules under social housing schemes. 'Currently, if you have less than 400 square feet of land, you have to give it up to the state when you qualify for social housing. The rule will be changed so that you can leave it to your spouse or children or siblings,' he explained. In a significant judicial move, a special bill will be submitted to parliament during the current session to facilitate the implementation of the death penalty, with President Muizzu stating it is not an option for the leader of a Muslim nation to neglect its enforcement once all legal procedures are complete. Electoral reforms feature proposals to cap the number of Members of Parliament regardless of population growth, introduce quotas for youth under the age of 30 and for women, and study the introduction of a preferential voting system for presidential elections. The administration also aims to fix the presidential term start date to November 11. Further reforms target strengthening the independence of state institutions and the judiciary. The President confirmed that the Citizens’ Complaints Bureau, announced in his February address, is progressing and is expected to be established in July.