7 cross-subsidy agreements cancelled
Nazim did not specify which projects, or where it had been cancelled.
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By
Aishath Fareeha Abdulla
The Economic Council has decided to cancel seven agreements signed to attain finance for domestic airport development in different parts of the country on a cross-subsidy basis, in return for lagoons and islands.
The Economic Council has decided not to extend the payment period for the seven agreements, Policy Minister Abdullah Nazim told a press conference at the President's Office on Sunday, due to non payment.
Nazim added:
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The agreement was canceled because the finance agreement was signed but the money was not paid by the deadline
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The deadline for payment to seven parties has been extended but it is not expected that the money will be received even after issuing more deadlines
Nazim did not specify which projects, or where it had been cancelled.
It is noteworthy that the previous government announced the development of domestic airports in many islands on a cross-subsidy basis.
