Opposition files resolution calling govt to disclose debt management plans
It called for the disclosure of plans to achieve financial sustainability, cost estimates and strategic plans for development projects.
By
Aishath Fareeha Abdulla
A resolution was moved in Parliament on Monday asking the government to further strengthen its efforts to manage the public debt and disclose its plan to repay the debt.
The resolution was moved by Eva Abdulla, a Democrat opposed to the government, who called on the government to step up its efforts to manage debt based on how much the state is in debt, how it manages its debt and how much the state's revenue is measured to pay back its debt.
In the resolution, Eva said the whole house committee passed the matter on October 27, 2020 and recommended it to the government. Thus, she said:
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A special committee was formed to restructure the debt. The committee was asked to complete its work within eight months and submit a report to the President and Parliament
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However, it was not done
The resolution also pointed out that while the policy of issuing guarantees in the name of the state was carried out as prescribed, it was asked to revise the state's medium-term borrowing strategy and share a report with parliament on how the outcome could be achieved, but it did not do so.
Eva's resolution points out that while the legislative agenda of this government includes amendments to the Liability for Public Expenditure Act, it is important that every government by law makes public the extent to which the state is indebted at the time of assuming office, how its debt management has been handled, and the plan to repay the debt.
Eva's resolution also notes:
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There is no visible goal of achieving the country’s development in the public investment projects in the country
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A roundabout development plan should be made and the plan should be one that accommodates the country’s financial situation
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A policy should be formulated to develop the country financially and economically and the plan to repay the public debt should be made public
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It called for the disclosure of plans to achieve financial sustainability, cost estimates and strategic plans for development projects.
