Zameer: Sufficient measures in the plans to stem national debt

Government has sufficient measures in the plans to handle expenditure, and the debts will be managed with changes being brought to tourism industry and other industries in the country, said Tourism Minister Moosa Zameer on Wednesday

Zameer made the statement during press conference held by Economic Council after World Bank raised concerns that national debt of the country may increase in the long run due to major development projects being run simultaneously by the government through loan aid.

Zameer said that 50 additional tourist resorts would be built by the end of President Abdulla Yameen’s five years, and that that alone would resolve the issue of debts.

“The major development projects in the plans will generate a lot of revenue through tax,” said Zameer.

He said that the infrastructure development projects including increasing capacity of Ibrahim Nasir International Airport as well as the economic reforms by the government – leading to tourism industry – and overall economic development – would ensure that the loans are covered.

Meanwhile, Economic Minister Mohamed Saeed said during the press conference that the government currently received USD 2.5 billion in bed tax from 26,000 beds in tourist resorts. And the 12,500 beds that will come with the development of new resorts would generate the government additional USD 1.5 billion in bed tax.