Bill proposed to require parliamentary approval for foreign loans
17 Dec 2009, 4:26 PM
A bill to amend the financial regulations to require parliamentary approval before the government obtains foreign loans was debated at parliament yesterday.
Presenting the legislation, Maafanu West MP Abdullah Abdul Raheem of the opposition Dhivehi Rayyithunge Party (DRP), said he was proposing the amendments to “modernise” the financial regulations.
“My purposes [for proposing the bill] include securing economic independence for Maldivians,” he said.
He added amendments were needed for the financial regulations passed in 2006 as it gave powers to the government that contravened the spirit of the constitution.
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