Saudi Fund Loans Provoke Fierce Debate at Parliament Committee

Parliament Finance Committee debated two loans from Saudi Fund for Development totaling SAR 562.5 million (approx $150M) for health and airport development. The SAR 187.5 million loan will fund three 50-bed hospitals at 2.5% interest, with total interest MVR 41.8 million and servicing MVR 232.6 million, grace five years, repayment 2044. The SAR 375 million loan for Velana International Airport had undisclosed terms. Opposition MP Ahmed Shamheed criticized the lack of impact information, saying the committee cannot stop borrowing. Committee Chair Qasim Ibrahim defended the paper. MPs Ahmed Azaan Marzooq and Ibrahim Sujau supported the administration, with Sujau accusing Shamheed of seeking political advantage. Shamheed also noted an additional $240 million needed for the airport terminal, citing a MACL statement.

Parliament Finance Committee debated two loans from Saudi Fund for Development totaling SAR 562.5 million (approx $150M) for health and airport development. The SAR 187.5 million loan will fund three 50-bed hospitals at 2.5% interest, with total interest MVR 41.8 million and servicing MVR 232.6 million, grace five years, repayment 2044. The SAR 375 million loan for Velana International Airport had undisclosed terms. Opposition MP Ahmed Shamheed criticized the lack of impact information, saying the committee cannot stop borrowing. Committee Chair Qasim Ibrahim defended the paper. MPs Ahmed Azaan Marzooq and Ibrahim Sujau supported the administration, with Sujau accusing Shamheed of seeking political advantage. Shamheed also noted an additional $240 million needed for the airport terminal, citing a MACL statement.

Parliament Finance Committee debated two loans from Saudi Fund for Development totaling SAR 562.5 million (approx $150M) for health and airport development. The SAR 187.5 million loan will fund three 50-bed hospitals at 2.5% interest, with total interest MVR 41.8 million and servicing MVR 232.6 million, grace five years, repayment 2044. The SAR 375 million loan for Velana International Airport had undisclosed terms. Opposition MP Ahmed Shamheed criticized the lack of impact information, saying the committee cannot stop borrowing. Committee Chair Qasim Ibrahim defended the paper. MPs Ahmed Azaan Marzooq and Ibrahim Sujau supported the administration, with Sujau accusing Shamheed of seeking political advantage. Shamheed also noted an additional $240 million needed for the airport terminal, citing a MACL statement.

This story involves 1 source and may affect public understanding of parliament debate / saudi loans.