Tag: Abdulla Yameen

Defamatory accusations are baseless and untrue: PPM MP Yameen

Progressive Party of Maldives (PPM) presidential primary candidate Abdulla Yameen has claimed that recent defamatory allegations made against him are baseless and untrue.

Speaking at a rally in Addu City on Thursday (March 21), Yameen revealed that he had been accused of several issues, including holding large sums of money in foreign banks, local media reported.

Responding to the accusations, Yameen stated that “none of those stories are true”, asking people not to believe them.

“I have been accused of holding large sums of money in different accounts. I’m not responding to these allegations. But the people who work with me need public confidence.

“I want to say to you, that there are several allegations targeted at me. But those allegations are baseless and unfounded. None of those stories are true. Don’t believe them,” SunOnline quoted Yameen as saying.

Yameen had stated he did not want to comment further on the matter, and that he did not wish to respond to the claims against him.

Yameen, who is the half brother of former autocratic ruler Maumoon Abdul Gayoom, claimed that if the PPM wins the presidential election this year, the Maldives would experience “prosperity similar to, or even better than, the past 30 years.”

In reference to a number of young individuals who reportedly praised Yameen during the rally, the PPM presidential primary candidate said while he cannot accept constant praise, continuous criticism could also become an issue.

“At rallies like this I often hear about my services. I feel disinclined to sit and listen when people talk about my services. But this is a practice introduced by young people.

“But before they take it too far, I want to say, I may not be able to accept continuous praise; but at the same time, continuous criticism could also lead to displeasure,” Yameen was quoted as saying.

Both Abdulla Yameen and Umar Naseer are currently campaigning to win the PPM’s presidential candidate slot for the upcoming presidential elections, to be held in September this year.

Yameen forced to play 80 percent in defence: Umar Naseer

Last week, a spokesperson for Abdulla Yameen’s ‘Yageen’ campaign team told local media on Saturday that Umar Naseer had made slanderous and “blatantly untruthful” statements about Yameen during a recent rally.

Speaking at the aforementioned rally, Naseer claimed that Yameen’s campaign team is forced to play “80 percent in defence” in order to denounce the public’s claims against him.

“We heard our brother MP [Ahmed] Nihan speaking at Yameen’s campaign rally. All he did was try to denounce what the public says about Yameen,” Naseer said at a rally held on March 15.

“Nihan said that although people allege Yameen has ties with gangs and gang violence it is not true. He said that although people say Yameen bathes with mineral water, that isn’t true either.”

Earlier this month, Naseer claimed that he had received “intel” that an attempt would be made to “assassinate” his character by planting illegal substances in his offices.

Following Naseer’s initial claims, he told supporters at a rally on March 15 that an MP involved in the illegal drug business was attempting to “frame him”.

“[The MP] tried to ruin my reputation by sending police to my business offices in the pretence of looking for illegal substances. I do not get involved in such acts.

“I will not name the MP, I do not need to name him here. He is trying to hide the relations he has with gangs and his involvement in the illegal drug business.”

On March 17, a police source told Minivan News that a bottle of alcohol had been found in a car belonging to Naseer’s wife when searched by police.

“Last night the driver of the car had parked after there had been some sort of accident caused by someone on the back seat.

“At that time, the driver found a bottle of alcohol within the car and reported it to the police. We took the driver, questioned him and released him,” the source claimed.

Speaking in regard to the alcohol allegedly found in the car, Police Spokesperson Chief Inspector Hassan Haneef confirmed that a bottle had been found and the case was still under investigation.

“We received a report from a driver of a vehicle stating that there was a bottle of alcohol in the car. Police went to the car, searched it and took the vehicle,” Haneef said.

Despite Umar Naseer’s comments, former President Gayoom tweeted earlier this month that external influences were attempting to split both Yameena and Umar apart.

“Some people from outside PPM are trying hard to drive a wedge between Yameen and Umar. All PPM members please be alert to this,” Gayoom tweeted.

The PPM presidential primary election is scheduled for March 30.

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33 islands will not receive ballot boxes for PPM presidential primary election

The Progressive Party of Maldives (PPM) has decided 33 islands in the Maldives will not receive ballot boxes for its upcoming presidential primary election.

PPM Election Committee Member Mohamed Tholal told local media on Tuesday (March 19) that islands with less than 18 PPM will not receive the ballot boxes.

Local media reported that PPM members who reside within the 33 islands not chosen to receive a ballot box will still be able to vote at islands where the ballot boxes are placed.

According to local media, the islands chosen to not receive the ballot boxes are Haa Alif Mulhadhoo, Haa Alif Thurakunu, Shaviyani Kan’ditheem, Shaviyani Maaun’gudhoo, Shaviyani Maroshi, Shaviyani Noomaraa, Noonu Kudafaree, Shaviyani An’golhitheem, Raa Fainu, Baa Dhonfanu, Baa Fehendhoo, Baa Goidhoo, Baa Hithaadhoo, Baa Kamadhoo, Baa Kihaadhoo, Baa Kudarikilu, Alif Alif Feridhoo, Alif Alif Maalhos, Alif Dhaalu Dhigurah, Alif Dhaalu Fenfushi, Alif Dhaalu Kun’burudhoo, Alif Dhaalu Mandhoo, Alif Dhaalu Dhidhdhoo, Vaavu Keyodhoo, Vaavu Rakeedhoo, Vaavu Thinadhoo, Meemu Raiymandhoo, Faafu Magoodhoo, Dhaalu Ban’didhoo, Dhaalu Hulhudheli, Dhaalu Maaen’boodhoo, Dhaalu Meedhoo and Laamu Gaadhoo.

The PPM Election Committee has announced a total of 172 ballot boxes will be placed in 148 islands for its primary elections.

Both Abdulla Yameen and Umar Naseer are competing for presidential primary scheduled for March 30.

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Gayoom opts out of PPM presidential primary

Former President Maumoon Abdul Gayoom has announced he will not be competing in the Progressive Party of Maldives (PPM) presidential primary scheduled for next month.

Local media reported that the former president made his decision via a one-page statement declaring: “I have decided not to take part in the PPM presidential primary scheduled to be held on the 30th of next month”.

Gayoom, appointed president of the party earlier this year, stated that “there are people within PPM leadership who are capable of fulfilling the Maldives presidency”.

Gayoom’s statement comes after he told Sun Online on February 19 that he would announce his decision regarding the party’s presidential primaries in nine days.

“I have made a decision, God willing, on how I will proceed. But I do not want to announce it here.  When these nine days pass, it will be known whether I will compete or not,” Gayoom told Sun Online earlier this month.

So far, Gayoom’s half-brother PPM MP Abdulla Yameen and PPM Interim Deputy Leader Umar Naseer are the only two candidates competing in the upcoming presidential primary.

Retiring from politics

In February 2010, Gayoom announced that he was retiring from politics after endorsing Ahmed Thasmeen Ali as leader of his former party, the Dhivehi Rayyithunge Party (DRP).

However, in September 2011, the former president opted to form the PPM after resigning from his position as ‘Honorary Leader’ (Zaeem) of the DRP.

Speaking to press back in 2011, Gayoom said he made the decision based on the assurance that the DRP would function “according to certain principles.”

“At the time and even up till yesterday, I was at the most senior post of one of the largest political parties in the country,” he said.

“So how can it be said that the person in the highest post of a political party is not involved in politics? Up till yesterday I was in politics. Today I am forced to create a new party because of the state of the nation and because it has become necessary to find another way for the country.”

As “a lot of citizens” had pleaded with him to form a new party, Gayoom said he made the decision to return to Maldivian politics as “a national obligation.”

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PPM Yameen meets Indian High Commissioner DM Mulay

Progressive Party of the Maldives (PPM) Parliamentary Group Leader Abdulla Yameen met with Indian High Commissioner to the Maldives DM Mulay yesterday (February 16), local media reported.

The High Commissioner told local media that the meeting was to encourage dialogue in order to resolve the current situation in the Maldives.

According to local media, Mulay said he is in contact with officials in the government of Maldives, political parties and other intellectuals to encourage conversation towards a peaceful resolution to the current political instability.

Yameen said he met with Mulay in the PPM office and that the high commissioner visited to assure him the relationship between India and the Maldives would remain unchanged, local media reported.

The meeting follows former President Nasheed’s decision to seek refuge within the Indian High Commission in Male’ after he failed to attend a court hearing last week.

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“The current government is failing”: government-aligned PPM

The government has come under fire from Progressive Party of the Maldives (PPM) potential presidential candidate Abdulla Yameen, who has claimed institutions are both failing and corrupt.

Speaking at a rally on February 7 to mark the anniversary of former President Mohamed Nasheed’s removal from power, Yameen called for President Mohamed Waheed Hassan Manik to “set things right”, adding that the current government had come to a halt.

Despite PPM being part of the current government coalition, local media reported Yameen as criticising a number of issues he claimed the government was responsible for.

“What we’re seeing today, and it is with sadness I say this, is the current government failing. The institutions are now incapable,” Sun Online quoted Yameen as saying.

Yameen, who is the half-brother of former autocratic ruler Maumoon Abdul Gayoom, further claimed that Maldivians will not believe they have achieved democracy unless laws are properly implemented by the government, local media reported.

“Major crimes are being committed on the streets. Rights are being invaded and violated. We want a clean, bold and a just government. A government with our support.

“Unless laws are being implemented, the Maldivians won’t believe that they have achieved democracy. They won’t believe a dictatorial rule had ended. We don’t see a difference,” local newspaper Haveeru quoted Yameen as saying.

Yameen’s comments come less than one month after the PPM appointed former 30-year ruler Gayoom – who many claim ran the country as a dictator – as its party President.

The PPM presidential candidate further criticised foreign interference with internal issues in the Maldives, claiming that the government was making it possible for foreign parties to do so.

“Foreign countries are interfering with internal issues of the Maldives to a greater extent than we’re comfortable with. The government is giving them that opportunity,” Yameen was quoted as saying in local media.

Yameen’s critical remarks were met with backlash yesterday (February 8), including from the government-aligned Dhivehi Rayyithunge Party (DRP).

DRP Parliamentary Group Deputy Leader Abdullah Mausoom told local media the PPM was willing to take credit for the government’s success, but distanced itself when the government faced criticism.

“If the government achieves something, they’d say it was them, they want to be the ones who sustain the government. But if the government is being harmed in any way, they are not part of it. If the government gets recognised for something, they take credit for it,” he told Sun Online.

Mausoom said that PPM had obstructed the government on two occasions, expressing concern that the party still continues to criticise the government despite the challenges faced due to the obstructions.

Speaking to local media, he said that whilst the budget is the most important part of providing public services, the PPM and Maldivian Democratic Party (MDP) had reduced it by MVR 2 million, and that it would not be “wise” to criticise the difficulties this may cause.

Furthermore, Mausoom claimed that the Executive Oversight Committee (EOC) – currently investigating the Commission of National Inquiry (CoNI) report – is held by a Maldivian Democratic Party (MDP) majority and that this was facilitated by the PPM.

Mausoom said that the former Parliamentary Leader of the People’s Alliance – Abdulla Yameen – had given up the party’s spot in the EOC when he joined the PPM, giving the MDP a majority.

President’s Spokesperson Masood Imad, and Dhivehi Quamee Party Leader Hassan Saeed were not responding to calls from Minivan News at time of press.

Jumhoree Party (JP) Spokesman Moosa Ramiz said he needed to discuss Yameen’s comments with the JP’s leader, resort tycoon Gasim Ibrahim, before giving the party’s official view. Minivan News was awaiting his response at time of press.

Cracks are starting to appear: MDP

Speaking to Minivan News today (February 9), MDP Spokesman Hamed Abdul Ghafoor said Yameen was “expressing discontent” within the government’s ranks, and that cracks were beginning to appear within the coalition.

“There are two issues that seem to disturb them at the moment. The EOC coming up with evidence supporting that there was a coup, and the other being President Nasheed’s court case.

“It is looking like they are also trying to get Nasheed out of the [Presidential elections] race,” Ghafoor said.

In regard to the EOC’s investigation into the CoNI report, Yameen was quoted as saying during Thursday’s rally that the investigation was “determinably illegal” and that it was being spearheaded Parliament Speaker Abdulla Shahid.

The investigation by the Executive Oversight Committee has so far seen senior military and police intelligence figures give evidence alleging that the transfer of power on February 7 “had all the hallmarks of a coup d’etat”, whilst claiming that the final CoNI report published last year had not reflected their input.

Speaking at the rally, Yameen said the government had no legal obligation to cooperate with the EOC in regard to the CoNI investigation, local media reported.

“As Parliamentary Group Leader of PPM, I have told the President that the government does not have to cooperate with the Majlis Committee investigating CoNI Report. The executive shall run according to the legal instruction of the Attorney General and not a Majlis Committee.

“[Parliament Speaker] Abdulla Shahid is now investigating the CoNI Report, and I wonder what he has in mind to do. On behalf of PPM, I would emphatically say that they are undertaking an illegal work. They cannot do it”, Sun Online reported Yameen as saying.

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Committee to enlist Singapore parliament in US$800 million oil trade probe

Parliament’s Committee on National Security is requesting assistance from the parliament of Singapore to investigate the case related to US$800 million in “illegal” oil trade allegedly conducted by former President Maumoon Abdul Gayoom and his half-brother, the Progressive Party of the Maldives (PPM) presidential prospect, MP AbdullaYameen, Sun Online reports.

During the committee meeting Monday (January 21) MP Reeko Moosa Manik announced the parliament was notified to contact Singapore’s parliament requesting they facilitate meetings with the Singapore police and anti-corruption authority.

The Foreign Ministry refused to fully cooperate and said it would take two weeks to arrange the requested meetings, according to local media.

Travel to Singapore and Malaysia for the investigation was scheduled for January 20, however was delayed due to the “failure to arrange meetings with [the necessary] investigative bodies,” added Sun Online.

The alleged international money laundering racket involved Yameen as “the kingpin” of a scheme to buy subsidised oil through the State Trading Organisation’s branch in Singapore and sell it on through an entity called ‘Mocom Trading’ to the Burmese military junta, at a black market premium.

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PPM leaves “national movement”

The government-aligned Progressive Party of Maldives (PPM) has decided to part ways with the self-titled “National Movement” led by the religious conservative Adhaalath Party and senior government officials.

Speaking at today’s sitting of parliament, PPM MP Ahmed Mahloof revealed that the party’s council decided last night (December 24) to leave the movement out of concern that it was “moving in another direction”.

“I question today whether this campaign under the name of national movement is sincere or not,” Mahloof said. “I’m saying this because during the GMR issue, we said repeatedly that after that we should raise the issue of Nexbis [border control project]. But after that we saw them raise the issue of the People’s Majlis.”

Mahloof added that a speaker at a national movement rally on Sunday night “used obscene language” to attack PPM parliamentary group leader MP Abdulla Yameen.

The speaker in question accused MP Yameen of “threatening” the Adhaalath Party, during a rally held Sunday (December 23) to celebrate the first anniversary of the December 23 “mega-protest.”

Local media reported that the remarks led to heated exchanges between the speaker and PPM supporters, a number of whom left the area in protest.

In his speech following the incident, Islamic Minister Sheikh Mohamed Shaheem Ali Saeed, a senior leader of the Adhaalath Party, spoke in defence of MP Yameen and urged speakers to respect political leaders.

Meanwhile, in an appearance on private broadcaster DhiTV last week, Yameen suggested that intemperate rhetoric from senior government officials at rallies organised by the movement was responsible for strained ties with India.

Yameen further contended that the campaign by the national movement was not the reason behind the government’s decision to terminate the concession agreement with the GMR-led consortium.

The decision was backed by the political parties in the ruling coalition, Yameen noted, and questioned the wisdom and necessity of street protests led by senior government officials.

The “national movement” was born out of the unofficial December 23 coalition of eight political parties and an alliance of NGOs that rallied to “defend Islam” in late 2011 from the allegedly liberal policies and “securalisation agenda” of former President Mohamed Nasheed.

Following the transfer of presidential power on February 7, the “civil alliance” led a campaign dubbed “Maldivians’ Airport to Maldivians” calling on the government to terminate the concession agreement with Indian infrastructure giant GMR to manage and modernise Ibrahim Nasir International Airport (INIA).

However, the largest party in the ruling coalition, Dhivehi Rayyithunge Party (DRP), announced that it would not participate in the street protests. Moreover, senior leaders of other pro-government parties were noticeably absent from the anti-GMR protests and activities at the time.

Following the termination of the concession agreement, the national movement turned its attention to “reforming” the parliament and has organised poorly-attended rallies at the artificial beach in recent days.

At a rally last week, State Minister for Finance Abbas Adil Riza threatened to dissolve parliament. Riza criticised Speaker Abdulla Shahid for tabling a no-confidence motion in defiance of a Supreme Court injunction ordering parliament to halt secret voting pending a ruling on its constitutionality.

Meanwhile, speaking at a press conference today to announce PPM’s decision to leave the movement, MP Abdul Raheem Abdulla reportedly warned that the “national movement” could cause divisions in the ruling coalition and weaken the government.

The PPM interim deputy leader revealed that the decision was made after the party’s concerns were not addressed following discussions with the movement’s leaders.

PPM has appealed to the party’s members not to participate in the movement’s rallies and events.

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Majlis reconvenes with elections and legislative reforms atop agenda

The People’s Majlis reconvened today with both opposition and government-aligned parties claiming elections and legislative reforms were among the key focuses of their respective parliamentary agendas following an extended break.

According to the Majlis’ Counsel General Fathmath Filza, today’s opening session saw debates take place on two declarations and eight bills, including the repeal of a motion to remove the Maldives’ membership within the Commonwealth.

The session was also said by the official to include the distribution of the Commonwealth-backed Committee of National Inquiry (CNI) report to all MPs and the respective parliamentary committees dealing with security services, independent institutions and national security.

“These committees will review the report and report to the Majlis on the actions that then need to be taken,” added Filza.

Despite reconvening temporarily for an emergency session to pass the General Regulations Act in August, the Majlis has not reconvened since July after Speaker Abdulla Shahid suspended the institution, deciding a safe environment could not be ensured in the chamber after heated exchanges on the floor.

This suspension led straight into the Majlis traditional recess period, although parliamentary committees have resumed their work as of last month.

Parliamentary Speaker Shahid told Minivan News today that the recess period had provided sufficient time for tensions between leaders on both sides of the country’s political divide to “calm”.

“This has allowed for dialogue between party leaders and for me to set up agreement to have the current third parliamentary session begin on time,” he claimed. “This is important to ensure parliamentarians were part of the process to address their respective agendas.”

The speaker said that in line with a number of reports from independent institutions, the decision had been taken – in line with parliament’s minority and majority leaderships – to pass the findings of the Commonwealth-backed Commission of National Inquiry (CNI) onto the relevant regulatory committees.

Function undisturbed

Abdulla Yameen, Parliamentary Group Leader of the government-aligned Progressive Party of Maldives (PPM) told Minivan News by SMS that with parliament resuming today, he expected the Majlis to function undisturbed despite ongoing tensions relating to February’s controversial power transfer.

From the perspective of the PPM, which presently holds minority leadership in the Majlis with the second largest number of MPs after the opposition Maldivian Democratic Party (MDP), Yameen said he believed passing pending legislation was his party’s foremost concern.

“[The PPM] hopes to see all pending legislative agenda addressed in order to ensure free and fair presidential elections,” said Yameen, who is the half-brother of former President Maumoon Abdul Gayoom.

Having met personally with former President Mohamed Nasheed late last month – without providing direct details of their discussions – Yameen said there had been agreement that the Majlis should function “smoothly”.

Meanwhile, MDP MP and Spokesperson Hamid Abdul Ghafoor claimed that in order to try and facilitate early elections, the party’s national council had asked for the Commission of National Inquiry (CNI) report to be distributed in the Majlis in attempts at having its recommendations implemented.

These recommendations, according to the MDP, include the need for reforms to strengthen the country’s independent institutions like the judiciary, as well as bringing senior defence force figures accused of mutinying against the former government to justice.

According to Ghafoor, the speaker has sent the CNI report to the relevant parliamentary committees to review recommendations made.

He claimed the request was part of a wider process to enact early elections within the Maldives – a key focus of the MDP since former President Mohamed Nasheed’s controversial resignation back in February.

Nasheed, who is presently the MDP’s presidential candidate, has continued to claim he was forced to resign under duress.

However, the party’s claims that the former government was removed from office in a “coup d’etat” were dismissed by the CNI report published in August.  The report was later accepted by the MDP, albeit “with reservations”.

These reservations were first raised by Ahmed ‘Gahaa’ Saeed, former President Nasheed’s appointee on the CNI panel, who alleged there had been a failure to take into account certain key evidence and witness accounts compiled by the panel regarding the transfer of power.

The MDP has claimed that despite its reservations, the CNI report has provided the party with a “way forward” to push for institutional reform.

Just last month, the MDP’s national council had called on the party’s parliamentary group to back a boycott of the Majlis over allegations that working within the present political process was failing to secure reforms highlighted in the Commission of National Inquiry (CNI) report.

The proposed boycott was criticised strongly at the time by parties serving within the coalition government of President Dr Mohamed Waheed Hassan.

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Former finance chief questions timing of MMA private sector T-bill reform

Former Finance Minister Ahmed Inaz has questioned the timing of the Maldives Monetary Authority’s (MMA’s) decision to offer Treasury Bills (T-bills) to the wider private sector claiming it would compound the country’s budget deficit rather than directly address state debt.

Inaz, who served as Finance Minister under the administration of former President Mohamed Nasheed, said that until the present government put a lid on its expenditure to levels agreed in the national budgets of the last two or three years – extending T-bills to the wider private sector in the current climate would only prolong economic uncertainty.

The comments were made as local media reported yesterday that the Maldives Monetary Authority (MMA) had opted to allow “private groups” to purchase T-bills.

Such bills, which are sold by governments all over the world, serve as a short-term debt obligation backed by sovereign states. In the Maldives, T-bills are said to have a maximum maturity of six months, in which time they must be repaid, according to Inaz.

The economy, particularly national debt, has become an increasingly important issue for the coalition government of President Dr Mohamed Waheed Hassan.

Parliament’s Financial Committee in May released projection that the Maldives’ budget deficit will reach 27 percent of the GDP by the end of 2012, a 175 percent increase on earlier forecasts.

In recent weeks, the government has downplayed delayed payments of civil servant salaries as being the result of a banking “administrative error”, while also admitting to facing “economic difficulties” in covering months of outstanding premium payments resulting from the Aasandha universal healthcare programme.

Yesterday, Abdulla Yameen, parliamentary leader of the government-aligned Progressive Party of Maldives (PPM) told local media that the country was in “dire need” of financial assistance from the international community to help set right the economy.

Yameen and fellow PPM MP and Spokesperson Ahmed Mahlouf were not responding to calls from Minivan News today to clarify the comments.

T-bill extension

Finance Minister Abdulla Jihad said the decision to extend the availability of T-bills to private enterprise was a condition outlined by the Asia Development Bank (ADB) to secure loan funding. He was unable to give the exact amount of the loan at the time of press.

According to Jihad, T-bills had been previously only open to private financial institutions, a market place that he said was presently “saturated” in terms of demand, limiting the amount of T-bills the institutions were willing, or had the capacity, to purchase.

“The issue was to open the market to private groups,” he said.

In regards to criticism from the previous administration about state spending, the Finance Minister pointed to a recent order for all government institutions to immediately reduce their budgets by 15 percent – a pledge Jihad stressed had been successfully realised.

However, former Finance Minister Inaz said by that extending the T-bill scheme without addressing wider concerns of groups like the International Monetary Fund (IMF) over government expenditure, authorities were only prolonging current economic instability rather than tackling the present spending shortfall.

“My reaction to the MMA’s proposals is that issuing T-bills to the private sector or these private groups is not going to help the situation. The budget deficit should be reduced at all costs. Then these T-bills could be introduced as a way to meet capital expenditure,” he said.

“Expenditure should of course not be reduced to a level that would kill off independent institutions and the democratic reform of recent years. But the best way forward is to maintain expenditure say to the levels set in the 2010 or 2011 budget, while increasing income.”

While accepting that current political tensions between the government and the now opposition Maldivian Democratic Party (MDP) made it difficult reach parliamentary agreement, Inaz said that the Majlis would need to agree on any changes to the state budget.

Inaz also called on policy makers to adopt a “broader mindset” by reviewing the present government’s decision, announced earlier this year, to restore import duties and reduce GST.

He believed that taxation measures such as the GST remained the easiest solution to boosting revenue.

Inaz contended that a focus on more direct taxation would allow the government to serve as a facilitator to encourage the private sector to generate economic activity.

T-Bill reliance under Nasheed

Despite concern over the timing of the MMA’s proposals, Inaz conceded that the previous administration had itself relied on debt financed through the sale of T-bills that amounted to about Rf 1.4billion in 2011. However, he claimed that the final budget passed under the Nasheed government in December 2011 was designed to reduce the nation’s budget deficit, while also cutting down on short-term debt obligations such as T-bills.

“The T-bills issued in 2011 amounted to Rf1.4 billion (US$90.8 million). We foresaw the need growing every year, but this is very difficult to maintain as the maximum maturity for T-bills is six months, during which time they must be paid back,” he said

However, Inaz added that before the controversial transfer of power in February that brought President Waheed into office, the Nasheed government had pledged to reduce its reliance on T-bills by focusing on generating revenue through economic reforms such as GST.

“This year though we were set to reduce our reliance on T-bills to about Rf 700 million (US$45.4 million) with a view to cutting back completely through repayments in the next two years or so.”

Local media reported in April last year that government debt accrued through the sale of T-bills to banks and financial enterprises was estimated to be equivalent to more than a third of this year’s Rf 12 billion (US$778.2 million) national budget, according to Maldives Monetary Authority (MMA) figures released at the time.

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