Sinister motives behind changing Public Finance Regulation act: MP Afeef

The sole sinister purpose of amending the Public Finance Regulation Act was to transfer undue powers to Finance Minister Ibrahim Ameer, says Vilifushi Constituency Member of Parliament Hassan Afeef.

Speaking in Parliament on Tuesday, MP Afeef critiqued the amendment put forth by the government. He said the proposed amendments clearly showed attempts to secure more control for Finance Minister Ameer and, in turn, risk the country.

He also pointed out the inconsistencies between Minister Ameer’s present-day claims and the ones he had made while serving as Chair of Maldivian Democratic Party (MDP) Public Finance Committee.

Speaking in Parliament on Monday, Minister Ameer finally admitted that there was no ‘debt trap’ in the investments and transactions between the Maldives and China. The China debt trap allegations were a rallying cry for MDP back in the administration of former President Abdullah Yameen. The then-opposition, once in power, continue to claim the Chinese investments were debt traps, until Monday.

Afeef went on to add that no debt should be taken by the state without Parliament approval. Economic aspects such as taxation, he added, cannot be left at the whimsy of the Minister. MP Afeef noted that all developed nations had a system of check and balance, with the legislature playing a key role in debt management.

The proposed amendments would eliminate all checks and balances, with the minister taking all steps on taking, managing, and publishing information on debt and sovereign guarantees. Any reporting to the legislative comes after all processes are completed. Afeef said there was no point is simply letting the Parliament know that debts and sovereign debts have been taken.