Yameen says he will take more foreign loans if needed for development
Posted on June 24th, 2018

Courtesy NewsIn.Asia

Male, June 24 (AVAS): The Maldivian President Abdulla Yameen on Sunday declared that he is not afraid to take more loans if these are needed for the development in the island nation.

I will take on more loans to fulfill the needs of the people,” he said promising more development projects ahead of the Presidential elections slated for September 23.

Maldives’ external debt has already passed US$ 1.18 billion, largely due to China funded infrastructure projects.

Yameen says he will take more foreign loans if needed for development

Speaking after inaugurating a new harbor in Kaafu Atoll Thulusdhoo, the President said the island nation has long been in need for new harbors, drinking water, sewage systems and roads which he said was impossible to provide through the state budget.

International Monetary Fund’s (IMF) has also warned of constraints on the country’s reserve over mounting national debt. President Yameen has been a target of intense opposition criticism over mounting national debt.

The president however, hit-back at critics saying that the opposition lack the vision needed to lead the country.

The opposition always complains about debt. They wonder how the country would repay the loans. That says a lot about their vision. And shows they’re not fit to lead. If they don’t have the quality to lead then they shouldn’t try to come to power,” Yameen said.

He urged the country’s elders who had suffered without for decades without a harbor, water or utilities” to educate the young on the progress made by the country in the past four years of his government.

Referring to the landmark Supreme Court order on February 1 which rocked his government, the President said the efforts to thwart the coup” have delayed several projects he had hoped to complete before the end of his first term.

The island nation has been embroiled in fresh political turmoil after the Supreme Court on February 1 ordered the immediate release of jailed political leaders including self-exiled former President Mohamed Nasheed.

President Yameen on February 5 had declared state of emergency after his last ditch attempt to convince the top court to revoke the order failed, purged the Supreme Court by arresting two judges and the remaining political leaders and ultimately had the order revoked.

Yameen’s half brother and former president Maumoon Abdul Gayoom, two Supreme Court judges and several lawmakers have since been arrested and charged with terrorism.

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