Thursday 30th Nov 2023
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Finance minister Ameer

Ameer blames the pandemic on excessive govt borrowing

Minister of Finance Ibrahim Ameer has blamed the government’s decision to acquire a loan of MVR 20 billion on the situation faced due to Covid-19 pandemic.
In response to a question posed by the Member of Parliament for the Naifaru Constituency Ahmed Shiyam at the 19th Parliament Budget Committee meeting held to appraise the MVR 42.6 billion budget proposed for 2023, Ameer stated that debt was acquired as a last resort.
Ameer said that the expected income of the state fell short of MVR 14 billion due to the pandemic and therefore, the government had no other choice than taking a loan to settle those accounts. He asserted that the proposed budget is designed to alleviate stress on the people and to directly benefit them.
Additionally, Ameer assured that next year’s budget includes water and sewerage projects, educational and training programs, health and other necessary projects directed towards all of the islands, which he asserted, with the PSIP projects will positively influence the national GDP.
Furthermore, Ameer was convinced that 2023 will bring more tourists to the Maldives than any other year.
Prior to the pandemic of 2019 that lasted three years, the national debt was at 79 percent GDP, which was MVR 68 billion and the national debt was at 150 percent GDP in 2020.
According to the proposed budget, the national debt is estimated at MVR 113 billion which is double the debt of 2019.