No evidence for MVR4.7 bln debt financing in 2020: Audit

An audit has revealed that there was no evidence of how the government was able to obtain MVR 4.7 billion (US$ 304.2 million) in 2020.

The audit report on the government’s financial status said that MVR 4.7 billion (US$ 304.2 million) was listed as funds derived to finance debt in 2020. This amount was listed under “public fund”.

However, no other details were supplied on this expenditure either by Finance Ministry or the Audit Office and as such, the audit was not able to determine how these funds were secured.

The report had also advised stage agencies on maintaining and sharing financial details within due time.

The Audit further noted that the state had not maintained details of Sovereign Development Fund. As such, the audit was not able to ascertain if the MVR 566 million (US$ 36.6 million) and MVR 6.9 billion (US$ 446.7 million) as cash in the Fund, was actually in the Fund.