Committee report will uncover debt servicing figures for next three years: Speaker

Speaker of the People’s Majlis and Former President Mohamed Nasheed has stated that the Committee of the Whole House’s report on the state debt will indicate numbers required to be spent to repay state debt within the next three years.

Nasheed proposed for the parliament to review the numbers the state owes in debt for guaranteed loans acquired during the former administration of now incarcerated Former President Abdulla Yameen, from 2013-2018.

During Monday’s sitting of the ongoing session, Nasheed revealed that parliament has received two audit reports regarding the state debt, through the Auditor General.

Highlighting that the reports were received at the time the whole house committee is also looking into the matter, Nasheed revealed that some have been raising concerns over information that the reports could uncover.

The concern is that any discrepancies in the state debt figures will grab the attention of international bodies.

Nasheed stressed that the state became intensely indebted during the former administration.

Highlighting that the report will highlight figured required to be paid to settle the debt within the next three years, Nasheed urged for the work to be conducted as work of the state.

Minister of Finance Ibrahim Ameer had earlier estimated that at least MVR four billion will be spent in debt servicing in 2020, during a parliament session in October 2019. Out of this, MVR 2.1 billion will be spent on interest rates and MVR 2.1 billion on principle payments.

The budget included interest payments and principle payment figures for debt servicing as well, said the minister.