A resolution has been proposed which aims to ensure transparency regarding policies for repaying debts. The resolution urges the government to disclose its plans for debt repayment and secure the financial well-being of the State.
A resolution has been introduced in Parliament which demands that the government disclose its plans to repay its debt and ensure fiscal sustainability of the State.
North Galolhu MP Eva Abdulla, submitted a resolution to the Parliament, proposing the formation of a special committee to study the restructuring of the country’s foreign debt. The Parliament will then approve the recommendations made by foreign experts and recommend them to the previous government.
The committee completed its work within eight months and submitted it for parliamentary approval, however, Eva noted in the resolution that it did not materialize.
As per the resolution, the government must refinance significant debt amounts and adopt a market-friendly approach to finance it efficiently. The resolution also outlined that future governments must establish a legal framework that clearly states the amount of debt the State has taken since taking office, the strategies that have been employed to control it and a feasible plan for repaying the debt.
The resolution which was heard earlier today in the Parliament, noted that it was concerning that the public investment projects in the Maldives do not align with the country’s development objectives.
Therefore, the resolution called for the preparation of a comprehensive development plan which should become a policy that will address the country’s financial situation and promote economic prosperity.
The resolution also called for the government to repay its debt in full and communicate clear plans to ensure fiscal stability, including detailed cost estimates and strategic plans for upcoming development projects in the Maldives.
Sign In