Motion seeks enforcement of parliamentary decisions on debt
At the end of last year, the government's debt crossed MVR 100 billion, according to data released by the finance ministry.
By
Aishath Fareeha Abdulla
A resolution calling on the government to strengthen its efforts to restructure its debt and adopt a sustainable debt repayment policy has been moved in parliament again.
The first reading of the motion moved by MP Eva Abdulla from Galolhu North constituency was read out in the parliament on Monday. The resolution seeks to bring it to the notice of the government, calling for the state to do what is mentioned in the parliamentary proposals on debt repayment.
On August 10, 2020, the Speaker had moved a petition seeking directions on how the state was indebted between 2013 and 2018, the manner in which it was managed and how much revenue was allowed to be repaid in three years. The matter was examined by an entire parliamentary committee.
Eva's resolution called on the government to do what was approved by the parliamentary committee in October 2020.
The committee approved on:
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Recommend that the government and MMA start working together to restructure debts other than loans taken from donor countries and international organisations
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It was also approved to set up a special committee to restructure the debt
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It has been approved to seek advice from relevant legal and financial experts in the Maldives and international communities
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The task of handing over the debt restructuring will be completed within eight months and the committee's findings will be shared with the president and parliament
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Committee to share its findings with the Public Accounts Committee of parliament once a month
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Seek details of projects carried out through loans taken by the state by issuing guarantees
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To reduce the cost of state-owned companies, park loss-making companies, dissolve companies, and improve the governance of other companies
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To prepare a report on how to achieve results and share it with Parliament, highlighting the difficulties in implementing the debt strategy
Although parliament speaker Mohamed Nasheed has repeatedly spoken about the restructuring of the state's debt, finance minister Ibrahim Ameer has said that there is no need for debt restructuring in the Maldives.
At the end of last year, the government's debt crossed MVR 100 billion, according to data released by the finance ministry.
