Requiring parliamentary approval for new loans would be beneficial and a responsible thing to do, Finance Minister Ibrahim Ameer has said.

Speaking to RaajjeTV on Thursday night, Ameer said that he believes parliamentarians and the public finance committee must have a stake in public loans acquired by the government.

Ameer said that he held this belief before joining the executive branch and does so even after, and that public finance laws should be changed in this regard.

Ameer’s comment come weeks after President Ibrahim Mohamed Solih accepted credit of over USD 1.4 billion from the government of India.

President Solih said that USD 200 million will be used to supplement next year’s state budget, while some of it is to be used for development projects. A chunk of the funds is also a credit line, which can be used only if required.

The Solih administration has been transparent about the loan, with the president himself having provided a breakdown to journalists at a press conference on Wednesday.