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Maldives: Revenue Boost a Must Before Starting Projects, Insists Governor
Source: http://www.haveeru.com.mv
Source Date: Sunday, December 15, 2013
Focus: Institution and HR Management
Country: Maldives
Created: Dec 17, 2013

The government must not give the green light to start development projects before the proposed measures to boost state revenue are passed, Maldives Monetary Authority (MMA) Governor Fazeel Najeeb said Saturday.

Speaking during the parliamentary budget review committee sit-down on Saturday, the Governor pointed out that several projects under PSIP had been included in the budget for next year.

In that regard Fazeel warned that the state could be forced to print money if the projects are given the green light before the required revenue to fund the projects are secured.

According to the Governor, the measures proposed to boost revenue can only be implemented by amending the laws. Based on past experiences, Fazeel noted a real possibility that the amendments to the laws may not be passed by the parliament.

“If that happens the government will come again to the MMA asking for funds to implement the projects. Then the economy will face more money clamouring for already limited foreign currency, which means we will not be able to follow what we set out to do in the budget,” Fazeel said.

The Governor further said the estimated budget deficit of MVR1 billion for next bad was not a bad figures based on economic factors.

However, when the country’s national debt was considered, a surplus budget would be ideal for the country.

Fazeel also proposed to compel the government to seek parliament approval to sell treasury bills to private parties above a certain amount.

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