Loan assistance Maldives needs is being reduced – Finance Minister

Thursday, July 29th, 2010

Loan assistance Maldives needs as regular budget support is being reduced, Finance Minister has said.

In the “Financial Situation of Maldives” statement delivered on the occasion of the independence day, Ali Hashim also said that today Maldives obtains loans through competitive offers to the market, instead of printing money, notably by selling treasury bonds.

Ali Hasim also noted that the interest rate of the treasury bonds were at 6% in 2009 but the figure has declined to 4.56 in 2010, which he said is the main evidence that loan assistance we need is declining and financial position is getting back on track.

During the statement, Finance Minister also called everyone to work to increase government finances. “On behalf of the people and as Finance Minister I urge the MPs to work together in adopting the laws which would help in increasing the government revenues” he said.

Ali Hashim also said that the Maldives companies should see it as a must to deposit money Maldives companies receive in the Maldives, and if investing, investing in the Maldives too.

Responding to the statement, an economist who has been studying the financial and economic situation of the Maldives noted the report as positive, but said that government also should be vigilant at this situation.

For instance he noted that selling the shares of profitable companies to international parties would further harden the dollar shortage in the Maldives.

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