Parliament asked to check amount available in reserves by end of July

The Parliament has been asked to find out the amount of funds that would be available in the state reserves by the end of July.

The information was requested to be received in writing by Galolhu North MP and Deputy Speaker Eva Abdulla.

In the MP's questions directed to Finance Minister Ibrahim Ameer, she noted that the country's foreign currency reserves stood at USD 317 million at the beginning of June. Noting that over USD 130 million would be spent for loan repayment in June in July, and that the budgeted deficit for the next two months was more than USD 150 million, she asked the minister how much staple foods, medicines, and fuel could be purchased with the usable reserve by the end of July.

The government's debt has now reached MVR 99 billion with the new loans taken during the first three months of this year. While some experts are saying that the country's official reserves could run out and the country was on its way to bankruptcy, President Ibrahim Mohamed Solih and Minister Ameer have been saying that the Maldives has the ability to repay its debt.