Committee gives green light for USD25 million loan

Ahmed Hamdhoon, Haveeru Online
Sep 24, 2012 - 08:36
  • The Parliament's Finance Committee meeting held yesterday to question the Finance Minister Abdulla Jihad: Committee had approved the taking of the budget support loan. PHOTO/ NASRULLA SOLIH

  • The Parliament's Finance Committee meeting held yesterday to question the Finance Minister Abdulla Jihad: Committee had approved the taking of the budget support loan. PHOTO/ NASRULLA SOLIH

Parliament's Finance Committee yesterday gave the green light to take the USD25 million loan for budget support from the Indian government.

Close to three hours after the Finance Minister Abdulla Jihad told the Finance Committee that without the loan it would be "a little difficult" to pay the salaries this month, the Committee reconvened and approved the loan due to the importance of the decision, according to the Committee's Chair MP Mohamed Nazim.

In addition, the Committee also gave the go ahead for the MVR150 million being taken from HSBC for the Housing Development Finance Corporation (HDFC) for housing projects.

During the earlier meeting, Finance Minister had informed the Finance Committee that if the loan is not secured, it would be "extremely difficult" to manage the cash flow for the next three months.

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