Parliament committee passes report on state debt

The parliament’s Committee of the Whole House Sub Committee has voted to pass the report on state debt repayment. 

The report was presented by the Speaker which was analyzed by the House Committee and passed with the vote of 35 MPs who took part in the afternoon sitting. 

Presenting the report, Speaker Mohamed Nasheed said that most of the debt incurred by the state were lawful. This was inclusive of debt incurred during 2012 and 2018. 

Nasheed said that the state was in hardship when it came to the repayment of this debt and that the current issue was that the amount to be repaid next year was too high. 

The biggest challenge the report highlighted was the debt of foreign currency whereby the fiscal deficit of the state had to be reduced as well as state expenditure.