Finance Minister: We are not asking for a blank cheque, or to print money

Finance Minister Ibrahim Ameer has hit back at critics of the government’s move to request an overdraft from the Maldives Monetary Authority by saying that the government was not requesting a blank cheque or to print money.

The Minister was speaking in a press conference today when he made the remark.

The government had requested the Parliament to amend the laws to reduce state financial responsibility and to withdraw and overdraft from the MMA to combat against pandemic virus COVID-19’s effects on the economy and public.

However, the move has drawn skepticism among some MPs who have described it as handing the government a blank cheque.

Minister Ameer hit back by saying that the overdrawing of public accounts was something done constantly and is being done right now as well. Minister Ameer said that he had requested the parliament for an overdraw of just one percent from the income of the previous three years. He added that overdraws of public account were being done today as well.

“Even of the amount of overdraw is increased, any income generated will be deposited to the account. We wish to increase that amount to MVR 4 billion.” Said Minister Ameer who asserted that “this was not a request for a blank cheque”.

At the same press conference, Minister Ameer also announce that the PSIP projects to be commenced this year are to be halted as the government cuts down on expenditure. The move was due to a shortcoming in state income due to the massive economic impact of COVID-19.