Monday
18th Nov 2024
Dhivehi Edition
Budget deficit
The Opposition Abstained From The Vote Because The Budget Was Irresponsibly Made: Opposition
Opposition leader President Yameen. Photo: TMJ
The opposition coalition has stated that they had abstained from voting on the government's proposed budget for the coming year because it was "an irresponsible budget" which laid the burden "large debts" on the people.
A statement released by the coalition read that the budget had been made irresponsibly. They also said that this budget listed the largest debt to date, and that at the current rate, the State would accrue a total debt of beyond MVR 100 billion by the end of 2023.
"Based on available data, the State's debt would rise beyond MVR 50 billion by the end of the current term. Also, the debt to GDP ratio would rise beyond 105%", the statement read.
The statement also recalled that the government's overdraft on the Maldives Monetary Authority's public account had been promised to be repaid within a year. The government had later requested an extension on the repayment. Finally, said the opposition, the overdraft had been converted into a 50-year bond.
The statement also read that the Majlis extended the government's permission to print money until the end of December 2023, which would lead to the injection of MVR2.5 billion into the Maldivian economy, with no concern to the protests of the opposition.
The statement referred to the government's rising debts as a crime against the people.
The opposition also pointed out that during the inquiry into the government's proposed budget, no department or company related to government revenue had been summoned to the Majlis. They also stated that no concern had been given to the opposition's requests for the government to cut down on "wasteful political expenditure".