State request MVR4.4bn-overdraft extension

During a previous parliamentary information session – Minister Ameer discloses state expenditure updates at the meeting | Photo: Avas

Minister of Finance requests extension on an MVR4.4 billion bank overdraft taken from Maldives Monetary Authority (MMA).

Earlier, state made a borrowing of the overdraft in order to manage the cash-flow of Maldives government’s expenditure.

Moreover, requesting for said extension, Minister of Finance Ibrahim Ameer sent a letter to Maldives parliament on Monday.

In his letter, Minister Ameer requests from Maldives parliament to exercise the suspension in accordance with parliamentary act on state expenses.

Furthermore, the minister made initial request for the extension effective from 01 April 2021 for a one-year period.

However, state has made new requests for the extension on overdraft suspension effective from 26 April for a one-year period.

Should parliament approves to executive’s request, Maldives state will receive an additional year into its overdraft repayment period.