Government asks Majlis to approve Rf300 million budget support loan
25 Jun 2012, 7:30 PM
Daniel Bosley
The government has asked the People’s Majlis to approve a budget support loan of Rf300million in place of an existing $65million (Rf1billion) loan which had been approved for the 2012 budget.
The Parliamentary Finance Committee today discussed whether the loan proposal needed to be approved by the full floor of the Majlis. The committee agreed that the matter ought to be passed on to the Counsel General.
“We cannot grant it as it was not in the state budget,” said Finance Committee member Abdul Ghafoor Moosa, who argued that the new loan would cost the government more money.
He explained that the new rufiyaa denominated loan would be obtained from the Bank of Maldives (BML), whereas the US dollar loan would have come from foreign banks.
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