Foreign debt warning from Maldives central bank boss
The IMF and the World Bank predicts Maldivian debt to reach 121 percent of GDP by 2020.
20 Nov 2017, 9:00 AM
The Maldives central bank has warned of dwindling national reserves as the rate of foreign borrowing increases.
Governor Ahmed Naseer of the Maldives Monetary Authority (MMA) sounded the alarm in a statement sent to the parliamentary budget review committee, which met Monday.
The committee cancelled two hearings they had scheduled with him and the auditor general, notifying media that their opinions and recommendations would be submitted in writing.
Committee chair MP Ahmed Nihan said the MMA boss had noted that local borrowing to finance the budget had decreased with foreign borrowing increasing. Naseer also said that debt on the GDP rate was rising, Nihan told the committee.
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