Finance Minister Abdulla Jihad has said that the Finance Ministry has proposed to the Parliament financial committee to obtain a USD25 million loan from India as part of the loan to be taken for State budget support.
Speaking to Haveeru, Minister Jihad said that the Indian government had agreed to provide the USD25 million loan and that the delay in acquiring the funds is the pending approval of the Parliament financial committee.
“The loan was set to be handed over during the Presidents recent trip to India. The loan is for budget support. Acquiring the loan has already taken up too much time. The deal will be signed as soon as the Parliament approves it” Minister said.
Parliament financial committee chair and Dhiggaru MP Ahmed Nazim said that the finance minister had requested the approval of the loan.
“The loan was sanctioned during the budget approval. Now it should be checked to see if all the documents are in order. The process has been held up due to the suspended Parliament sessions” Nazim said.
Jihad said that the ministry is also trying to gather funds from the United Arab Emirates as budget support.
“We are trying to gather funds from Abu-Dhabi. We are expecting the funds would be settled very soon” Minister said.
Jihad said that apart from the funds for budget support, the ministry is also trying to device plans to increase revenue and reduce expenditure.