Maldives president Abdulla Yameen Abdul Gayoom Monday responded to opposition criticism over rising debt stemming from the hefty loans taken to fund ongoing mega development projects.
Speaking after inaugurating the newly established clean water system in Meemu Atoll Dhiggaru island on Monday, president Yameen insisted that his government has a clear plan and does not "shudder" at the sight of mounting debt.
"People who shudder at the debt amassed to fund development can continue to do so. We've taken on such debt because we don't quiver. One needs ambition and spirit for progress. If one doesn't have the spirit to serve the people, they don't have what it takes to lead the youth of this nation," president stressed.
Government has undertaken several mega development projects across the archipelago, mostly funded through external loans. This year's state budget also includes MVR 2.9 billion to be acquired through loans and grants to finance Public Sector Investment Program (PSIP) projects, which will increase the state’s foreign debts.
World Bank along with the opposition have continued to express concern over rising debt in the archipelago, warning that it could hamper economic progress in the island nation.
President Yameen however said Maldives was in dire need of large projects to meet the expectations and hopes of the people.
"We can no longer make do with a single classroom. Now we are in need of multiple classrooms. Now we need large schools with modern facilities. We are at the stage where we must think bigger," the president said.
"Our plans are bigger and better. We are looking to connect the country with airports. So I certainly don't tremble if the debts finance such development."
