Parliament approves govt request to borrow MVR 4.2 billion from MMA

The Parliament on Sunday approved the suspension of the Fiscal Responsibility Act provisions for a one-year period, allowing the government to borrow MVR 4.2 billion from the central bank, as a measure to counter the COVID-19 economic slowdown.

Last week, Minister of Finance Ibrahim Ameer requested the parliament to suspend Article 32, section (a), (d), and (e) of the Fiscal Responsibility Act for a one-year period. The request was granted on Sunday's session with a majority of 60 votes, out of the 69 MPs present.