Finance Minister admits state did not receive anticipated revenues from SEZ
Blamed political strife
Finance Minister Munawwar presenting the supplementary budget for this year
Finance Minister Mohamed Munawwar has admitted that the state did not receive around MVR 500 million, anticipated as earnings from Special Economic Zone (SEZ) projects.
He made the statement in presenting the supplementary budget for this year in the Committee reading of the budget.
The Minister attributed this to the turbulent political climate, which had barred fruitful discussions with investors. Expressing his concern over this, adding that economic difficulties will rise if there are no investors coming in.
The items in the budget, Minister Munawwar said, were plans. He stressed on the need for unity and collaboration to achieve these plans.
At the time of passing the bill, pro-Government MPs had praised the bill, stating that the SEZ initiative will bring staggering development and prosperity for the nation. Trumped as the flagship initiative for national development, the project is yet to bring in any ‘staggering’ development.
