President: Funds are sought for projects when spending is low

President Abdulla Yameen Abdul Gayoom has said that the government efforts seeking loans and funds for projects are targeted to low spending months.

Speaking at a special function held to commemorate the 50th anniversary of the Maldives Airports Company Limited (MACL) tonight at Dharubaaruge, President Yamee said that although the developed countries used to give major financial aid to developing countries, it is not so like that these days.

“Very small amount is given. Even from international organizations, very small aid is given.” President Yameen said.

The President said that this has forced states to go into the private capital markets.

President Yameen said that it is the fortune of the Maldives that the spending on the funds acquired these days are low and this fortune would not always be with us.

The Maldivian government is currently running some major development projects from foreign loans.

President Abdulla Yameen said that the Maldives does not want to be derailed from the tracks on progress and wishes to remain in the development race.

The President said that although foreign expertise and help is necessary in the airport development project, we must think of a way to keep the airport in the hand of Maldivians.