The auditor general recommended taking action against officials at the Finance Ministry for spending MVR858.6 million (US$55.6 million) out of the budget code assigned for providing capital to government-owned corporations to cover recurrent expenditures and pay salaries for board members and staff.
Vadinolhu island will be developed into a five star resort through the Best Choice Real Estate Development company, which has urged developers to take care of the Maldives’ “investment friendly policies”.
Speaking at a press conference held on Tuesday, Deputy Minister Ibrahim Ismail stated that MVR 36 million out of the Educational Fund of the ministry, as well as a loan of MVR 26 million from the Maldives Islamic Bank has been spent on the building.
Among a wide range of topics discussed during President Yameen’s state visit to Sri Lanka, coalition leader Ahmed Shiyam revealed a US$500 million credit line had been agreed upon to ease the Maldives foreign exchange crisis.
“We decided to sell the island to whoever offered the highest price. Thus, as Canaries submitted the highest price, we are now in the process of handing over the award letter to them. We will do so within the next two days,” MTDC Executive Director Niyaz stated.
President Abdulla Yameen has officially been invited for an official state visit to Japan, with local media reporting that he will make the journey in March next, year.
The report based on the audit published at the Auditor General’s website last Sunday, claimed then Finance Minister Abdulla Jihad had not obtained the required approval from both President Waheed and the parliament.
The new funds will go towards replicating previous projects, with a particular focus on the country’s two southernmost atolls – Addu and Fuvahmulah – which will also receive capacity building assistance for local government.
The grant aid comes at a time the Maldives is facing dire economic circumstances, with the government unable to afford its huge recurrent expenditure on a bloated civil service and failing to pay millions of dollars owed to state-owned companies for services such as oil and electricity.