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Maldives: The temporary committee approved the request of extension

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MALE, 22 April, 2021 (TON): On Wednesday, the decision to approve the request has been made by the temporary parliamentary committee set up to review Finance Ministry’s request for a one-year extension to overdraw from the public bank account.

Implementation of Article 32 (a), (d), and (e) of the Fiscal Responsibility Act was suspended for one year, starting from 26 April last year, with the powers bestowed upon the Parliament under Article 36 of the Act.

The committee, in its report after its one-day review, wrote that the Finance Ministry, when granted the exemption last year, managed the cash flow so that the overdraw limit does not exceed MVR 4.4 billion.

However, officials from Finance Ministry, Maldives Monetary Authority, and Auditor General’s Office were summoned by the committee for consultation.

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