Government must seek Majlis approval on Rf 300 million BML loan: Finance Committee
09 Jul 2012, 3:05 PM
Zaheena Rasheed
The government must obtain parliament’s approval on a Rf300 million (US$ 19.5 million) loan borrowed from the Bank of Maldives (BML) in May, People’s Majlis Counsellor General Fathmath Filza today told the Finance Committee.
The government had previously told local media the the BML loan was borrowed instead of US$65 million loan programme previously approved by the Majlis for budget support, and contends further approval from parliament was therefore not required.
However, Filza told the Finance Committee the US$65 million loan was only to be borrowed from foreign lenders and that the government has to seek parliamentary approval before borrowing from a local bank as per the Public Finance Act.
The Finance Committee has decided to forward the loan request to the Majlis floor for approval.
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.
