Yameen dismisses concern over debt as Maldives turns to global bond markets
The president’s remarks come after the World Bank warned in its Global Economic Prospects report released last week that “rising debt levels” and “persistent political tensions” are among the risks facing the Maldivian economy.
23 Jan 2017, 9:00 AM
President Abdulla Yameen has dismissed concern over risks posed to the Maldivian economy by growing public debt as the country prepares for its first foray into global bond market with the hope of raising US$200million, and the central bank announced a treasury bill sale to raise MVR1 billion (US$65 million).
In speeches delivered Monday afternoon on the islands of Dhiggaru and Mulaku in Meemu atoll, Yameen said external debt was necessary for an unprecedented infrastructure scale-up which he said would ensure long overdue economic development.
“Those who shiver over the high debt we have to shoulder [for development projects] can keep shivering. We are going forward with this debt because we do not shiver,” he said after inaugurating a clean water project in Dhiggaru.
“You can only go forward with the resolve and spirit to do so. If you shiver over this without the spirit of service, I don’t think [opposition leaders] qualify to be the captain of a boat travelling at maximum [speed] with today’s youth.”
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
