Finance Minister Moosa Zameer told Parliament's budget debate that many projects stall because the state budget allocates them too little money, citing cash flow and contractor-financing hurdles. He said that from next year projects will be executed according to the President's priority list with funding arranged in advance, and that no island will be excluded from that list.
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During the budget debate in Parliament on Monday, Minister Zameer said that projects do not progress when they are listed with insufficient funding.
Word for word from the report in Avas (English). Open the report
When you initiate projects with insufficient funding, many of them end up stuck in the pipeline
For instance, years ago, MTCC was being awarded projects left and right to the point that the company had about [projects valued at] MVR 18 billion in its pipeline, without being able to finance it
This time, we have prioritized the projects and we have allocated the proprietary funds to carry out the projects within the President's priority list. I can assure you that no island will be excluded from the list.
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“For instance, years ago, MTCC was being awarded projects left and right to the point that the company had about [projects valued at] MVR 18 billion in its pipeline, without being able to finance it,” he said.
Word for word from the report in Avas (English). Open the report
