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Saudi Fund Loans Provoke Fierce Debate at Parliament Committee
The Parliament Finance Committee discussed two Saudi Fund loans totalling SAR 562.5 million earmarked for health services and Velana International Airport, with opposition MP Ahmed Shamheed criticising the Ministry of Finance paper as lacking technical detail. Administration-aligned MPs defended the paper as sufficient, while the committee chair suggested summoning former finance minister and MACL officials if further scrutiny was warranted.
Sources1carried itMR1 of 19 news outlets we monitor
Figures9as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Tue 25 JunThe live proceedings of the Committee were interrupted before debates concluded.Tuesdayonly Maldives RepublicIt is unclear how Tuesday’s committee meeting ended, however, as the live proceedings of the Committee was interrupted before debates concluded.
Word for word from the report in Maldives Republic. Open the report
Who said what
the reports' own quoted words, each once
These papers are like a submission from a child attending grade one. There is no technical information.
There has to be information, not only the benefits of taking a loan and the other [impact] on the country at low interest rates, but also the other costs, the burden on the state finances when the administration enters into a loan
This means that the previously estimated amount is halved and one half is suddenly needed for the project to develop the airport terminal. Therefore, there is no [proper] information about the loan,
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
SAR 562.5 million (approximately US$150 million)total value of two loans taken by the current administrationMaldives RepublicThe current administration has taken out two loans totalling SAR 562.5 million (approximately US$150 million), earmarked for the development of health services and the airport
Word for word from the report in Maldives Republic. Open the report
SAR 187.5 millionhealth sector loan value via Saudi Fund for DevelopmentMaldives RepublicA SAR 187.5 million loan, via the Saudi Fund for Development, will go towards health sector development
Word for word from the report in Maldives Republic. Open the report
2.5 percentinterest rate on health loanMaldives RepublicThe interest rate on the loan is 2.5 percent, with total interest expected to come in at MVR 41.8 million
Word for word from the report in Maldives Republic. Open the report
MVR 41.8 milliontotal interest expected on health loanMaldives Republicwith total interest expected to come in at MVR 41.8 million — and MVR 232.6 million towards loan servicing
Word for word from the report in Maldives Republic. Open the report
MVR 232.6 millionamount towards loan servicingMaldives Republicand MVR 232.6 million towards loan servicing
Word for word from the report in Maldives Republic. Open the report
2044 yearloan repayment deadlineMaldives RepublicThe grace period for the loan is five years, with the deadline for repayment set for 2044.
Word for word from the report in Maldives Republic. Open the report
three 50-bed hospitalsnumber and size of hospitals to be fundedMaldives Republicby funding the development of three 50-bed hospitals on islands across the country, a paper shared by the Ministry of Finance with the Parliament’s Finance Committee confirmed
Word for word from the report in Maldives Republic. Open the report
SAR 375 millionloan allocated for Velana International Airport developmentMaldives RepublicWhile the remaining SAR 375 million, also from the Saudi Fund, will be allocated for the development of Velana International Airport (VIA)
Word for word from the report in Maldives Republic. Open the report
US$240 millionadditional funding MACL says is needed to complete the airport terminalMaldives Republicciting a Maldives Airports Company (MACL) statement that an additional US$240 million is needed to complete the airport terminal
Word for word from the report in Maldives Republic. Open the report
