Male’, Maldives – President of People’s National Congress (PNC) party of Maldives and leader of the joint opposition coalition, Abdul Raheem Abdulla (Adhurey) has told the Speaker of Parliament, Former President Mohamed Nasheed to learn mathematics properly after Speaker Nasheed told that the national debt increased due to the loans of PPM government.
Speaking at a gathering held at Progressive Party of Maldives (PPM)’s office this evening, Adhurey told that even when Former President Abdulla Yameen Abdul Gayoom took office in 2013, that Maldives was already in debt.
He also told that until Speaker Nasheed resigned in 2012, the state had over MVR 3 billion in unpaid bills and that all these were paid off during President Yameens administration. Adhurey also told that the Former President Yameen had increased the national reserve to USD 900 million and increased the nations productivity output immensely.
Adhurey also questioned whether Speaker Nasheed knew mathematics and economics and told to come to them to learn if he didn’t. He also went on to add that even if Speaker Nasheed did not know these things, that they knew and that the Former President Yameen was well versed in these subjects.
He also told that the current administration was selling off the country to another nation by taking loans which we cannot pay back and that it was policy of MDP to do this. Adhurey also said that the citizens were well aware that MDP was afraid that they would lose the upcoming Local Council Elections and that’s why Speaker Nasheed has been diverting the attention from the proposed 2021 budget.
In a meeting with press this afternoon at MDP Office in Male’, Speaker Nasheed highly criticised the former administration stating that they had sent the nation in to a debt pit and that the country has to pay USD 83 million back to China in the remaining days of this year alone.
He also said that the previous administration had taken large sums in loans and that the assets created with those are not even close to the amounts which had been taken.
According to the statistics publicized by the Finance Ministry showing the debts of the government till June, the current debts of the government amount to MVR 74 billion. This includes internal debts of MVR 36 billion and foreign debts of MVR 37.7 billion as well as assured debts of 16.6 billion.
According to the government the proposed MVR 34.8 Billion budget for 2021 is planned and set to be in accordance with the implementation of the “National Resilience and Recover 2020-2022” plan which was made to boost the economy from the fateful consequences of Covid-19.
It is estimated that the government would receive MVR 17.8 billion as revenue and grants in 2021, of which tax revenue constitutes the major item while the estimated budget balance for 2021 is a deficit of MVR 15.5 billion. According to the government the primary balance for this period is a deficit of MVR 12.9 billion and this deficit would be financed through various financial instruments such as bonds, sukuk and treasury bills and by borrowing.
