Parliament's Public Finance Committee has passed to seek an investigative report from the finance ministry, into the loans taken during former President Abdulla Yameen’s administration, as it is yet to forward the required report.

During a committee meeting held on Thursday, members highlighted that the Ministry had failed to forward reports on any of the loans acquired by Yameen’s government, noting that the public finance regulations of the Maldives clearly states that loans must be granted to parties after evaluating if the action will in any way cause losses to the economy or finances of the country.

Members of committee had stressed that the Ministry had failed to abide by the finance act, with Member for Komandoo constituency Ahmed Nasheed asserting that the reports on loans taken by the previous government must be attained.

“The Ministry must evaluate how these loans will affect our debt ratio and our balance of payment within ten years. Where are the reports they should have compiled on these loans? Did they even investigate them?” inquired the lawmaker.

Also, during Thursday’s committee meeting members passed to seek a reason on why the ministry had approved such a big loan to be given to a private party, amounting to USD 172 million.

The members seek to acquire from the Ministry, how granting such loans to private parties will impact or benefit the state in any way.

The Public Finance Committee also passed to order the Auditor General’s office to compile performance audits on state companies.