News

Prez acknowledges country in heavy debt

An Election Commission cited 'disqualified' lawmaker had scorned incumbent president Abdulla Yameen over his involuntary acknowledgement of the flailing state of Maldives buried deep within financial depth despite his continued defending over the issue.

President Abdulla Yameen on Sunday night had remarked the country's developmental projects would not see the light of day if not for the loan acquisitions.

Ameeth had taunted the head of state, saying it was appreciative of president Yameen for recognizing "the fact that he has literally sunk this nation in a sea of unimaginable depth of debts," adding the consequence of this unprecedented chain of acts would be borne by the generations next in line.

President had spoken in defense of the state's decisions on multiple foreign loan aids, saying it is done in order to safeguard a prosperous future for the upcoming generations. He also criticized the opposition's stance on foreign debt, adding that those who fall behind leaders who are anti-progress would witness despair.

The head of state had assured of settling the state debt within a five year span - as the Velana International Airport (VIA) currently under development is expected to become a significant revenue generator for Maldives with passenger accommodation spanning from 1.4 million to 8 million once the project concludes - will contribute to the state wealth and income along with the booming tourism sector.

Although government is constant in its defense over the multiple acquisition of heavy loans, deepening the state dept, the state assures of increase in revenue streams in the upcoming years. However the opposition remains skeptical about the possibilities of returning the debt before due as unforeseen circumstances with severe consequences cannot be restrained.